NCC's strong order book is well diversified across segments and geographies and lends revenue visibility over the next 2 years. Apart from 2-3 months delay in some projects, NCC does not envisage execution to suffer as a result of the elections. We expect net working capital levels to remain stable (100days) leading to strong free cash flows of ~Rs 3.3/5.1bn in FY20/21E. We have built in muted APAT growth over FY20-21E led by high interest costs, depreciation and pressure on margins. Re-rating is contingent on the pace of reduction of the ~Rs 13.9bn group exposure and real estate monetization. We maintain BUY. Key risks (1) Adverse ruling on ongoing arbitrations; (2) Slow down in government capex; (3) Deterioration in NWC days; and (4) Weak real estate monetization. We maintain BUY on NCC with a TP of Rs 170/Sh (EPC business at 15x FY21E EPS). We have tweaked our finance cost estimate lower and increased our FY20/21E EPS by 2.2/0.4%.