Maintain BUY with Rs 408/sh TP. HG Infra Engineering Ltd. (HG) posted strong revenue/EBITDA/PAT at Rs 5.5/0.8/0.4bn respectively (~7/6/7% estimate beat). Stable EBITDA margins at 14.6% are comforting while management believes there is scope for a further 100bps uptick from here as share of own orders increase in mix.