Despite a significant improvement in its balance sheet, execution pick up and robust order inflows, L&T;'s P/E multiple has not changed over the last three years. We believe that this is due to persistent concerns on at least one out of the four key parameters on which investors evaluate L&T;: 1) execution pick up; 2) balance sheet/ROE; 3) order inflow momentum; and 4) margins. Although L&T; has partially delivered on strengthening its balance sheet over FY16-18, execution improvement in the core domestic infrastructure is also evident over FY18-19. To...