Dilip Buildcon Ltd (DBL) has reported weak numbers for 4QFY19 with revenue flat YoY and PAT up only 1.2% YoY. Delay in getting appointed dates for the HAM projects awarded earlier has resulted in weak revenue growth for the company. We as well as the management believe that it is temporary in nature and post the general election result, we expect appointed dates to come through along with new order inflows which augurs well for the industry as well as the company. EBITDA margin at 17.5% was down 100bps YoY on account of higher early completion bonus accrued last year. We have tweaked our FY20 and FY21 numbers marginally and continue to value DBL based on 10.0x FY21 EPS to arrive at...