View: Sharp rise in stock price compels to downgrade to Accumulate We maintain our revenue, EBITDA margins and Adj. PAT estimates for FY19E, FY20E and FY21E as DBL maintains its Q3FY19 guidance. We will revisit our estimates post Q4FY19 results. However, we expect reduction in revenue visibility (order book to TTM revenue) from 2.5x (Q3FY19) to ~1.6x (Q2FY20E) will become a concern considering no order inflow during 1HFY20E. Currently, we expect DBL's revenue/ Adj. APT to grow at muted CAGR of 14.0%/ 15.8% over FY19-21E. The stock has rose sharply by more...