We believe the recent influx of orders from Raymond, Oberoi, Raheja demonstrate CIL's growing presence (esp. in Mumbai) at a time when developers are emphasizing on timely completion of projects (post- RERA). While we appreciate its constant endeavor to expand the non-resi portfolio, we continue to closely monitor its projects for any signs of stress (esp. among the non marquee clients). We believe the backlog is healthy and have built in 22% revenue CAGR (FY19-21E). Maintain BUY. We maintain BUY on CIL with a TP of Rs 351/sh. We have cut our FY20/21E EPS by 8.4/6.3% to factor in higher competitive intensity in private residential segment as peers chase quality developers to gain new orders. Rising share of highly competitive government orders will also put pressure on margins