With successful turnaround during Q3FY14-Q3FY15, commonwealth games overhang becoming a non-issue; Ahluwalia Contracts (India) Ltd (ACIL) is focusing to grow its order book towards Government (Govt.) projects and escalation clauses. Further, ACIL is set to benefit from Govt.'s increased thrust on infrastructure. We initiate coverage on ACIL with a BUY rating on account of increased order inflows, better revenue visibility, improvement in EBITDA margin and superior return ratios.