We believe the tide is turning for India's roads sector as (i) developers have begun receiving appointed dates for awarded projects (in place for 49% of our coverage contracts), implying steady revenue growth ahead; (ii) 91% of HAM projects for our coverage have financial closure; (iii) beneficial policy reforms continue to play out; and (iv) NHAI's bid pipeline looks robust at ~Rs 1tn pa over FY20-FY24E. We prefer asset-light companies and select asset-owners...