We believe the ordering activity to pick up and inflows are estimated to reach 7.9Gw/8.7Gw for FY16E/FY17E, which is just half of the peak ordering activity of 19.3Gw seen during FY09. Nevertheless, we expect commissioning to remain flat at 12Gw during FY15-17E and order backlog to reach 29.6Gw/26.4Gw by FY16E/ FY17E. We have taken into account of recent orders from Government sector with a moderate to negative bias as these are contingent to host of factors like: 1) Legacy issues - Land, environment and legal; 2) Indian Government's (GoI) emphasis on efficiency; 3) GoI's focus on renewable energy mission 2022 and commitment to cut carbon emission by 2030; 4) Perusal of R-APDRP; 5) Retrofit opportunity.