We maintain BUY with Rs 833/sh TP (13.5x FY21E EPS and BOT at 1x equity invested equity. With likely Rs 20bn advance receipt, debt may have peaked. We attended Dilip Buildcon Ltd. (DBL) Analyst Meet/Zuari Bridge Site Visit in Goa on 5th/6th April 2019. As per DBL this is the 2nd largest Cable Suspension bridge being built in India. This is a MORTH funded project with total length of 13.6km including an elevated road of 8km and a cable suspension bridge on Zuari River of 640m length