While strict adherence to land acquisition norms of 90/80% in EPC/HAM projects has resulted in delays in getting Appointed Dates, it has also helped in preventing time and cost overruns. The new EPC model concession agreement (MCA) made bidding tougher and costlier. Hence bid aggression reduced, with developers exercising caution. With multiple headwinds faced by the sector during FY19, we believe the curing is now over and better times are due. After hitting a lifetime high in roads tenders in FY18 (Rs 1.2tn), infrastructure stocks suffered a severe de-rating from early FY19. This resulted in avg. valuation multiples contracting from 13.5x 1-yr fwd to 6x.