DBL received appointed date for five HAM projects and expects to receive the remaining seven projects in H1FY20. Total order book remain strong at Rs21,172cr which is 2.3x FY19 revenue while mobilization advance is required to de-leverage increasing debt. We reduce the valuation multiple for EPC business to 10x P/E (13x earlier) to factor delayed execution & high debt and HAM business at 1x P/B of invested equity with a TP of Rs681 and due to recent...