Over the last 3yrs DBL has (1) Established itself as an astute execution machine; (2) Diversified segmentally & geographically; and (3) Undertook complex projects. While strong growth and diversification led to high capex intensity, large order booking followed high equity outgo on road HAM projects. Balance sheet is now choked and DBL needs to recapitalize the same. This can be achieved by equity fund raise/stake monetization in under construction HAMs. Capex cuts is short view, over long term will impede growth. Multiple re-rating is contingent on significant deleveraging over the next 2yrs. We maintain BUY with a cautious approach on debt built up. We maintain BUY on DBL, with a reduced TP of Rs 737/sh (vs. Rs 833/sh earlier). We have cut our target EPC multiple from 13.5x to 12x to factor in the high debt, delay in receiving appointed dates for 32% of order book & limited visibility of monetization of under construction HAM projects.