We maintain BUY with TP of Rs 352/sh (at 15x Dec-20E EPS, BDD NPV at Rs 15/sh). Capacite (CIL) reported strong 3QFY19 execution at Rs 4.5bn (5% beat, despite ~Rs 500mn lower revenue owing to NGT ban and NBFC crisis). EBITDA margins dipped 80bps QoQ to 13.7% (due to negligible revenue booking on initial stage projects; also resulted in lower amortization of site establishment costs). Despite the margin dip, a 23% QoQ decline in depreciation led to PAT coming in line with our estimate at Rs 239mn.