We have upgraded FY19/20E EPS by 8.6/12.1% and increase TP to Rs 336/sh (12x Dec-20E EPS) vs. Rs 284/sh earlier. JKIL delivered strong execution beat with Revenue/EBIDTA/PAT coming in 20/13/11% ahead of estimate. EBIDTA margins contracted by 77bps YoY to 16.2% (110bps miss) on account of 205bps increase in employee costs (new additions and festive bonuses paid out during 3QFY19). 9MFY19 order inflow stood at Rs 45bn ex L1 orders of Rs 20bn. Order book stands at Rs 104.7bn (59% in Metro, 9.9% Civil, 12% Flyover, 18.2% Roads) ex L1 of Rs 20bn (NHAI Dwarka Pkg 2 & Airoli Katai elevated road EPC).