HG delivered a strong performance during FY19. The focus should now be on debt reduction. There has been a marginal deterioration in NWC days owing to increase in FY19 debtors even as HG expects to realize it soon and revert to 65days of NWC. ~Rs 12/27bn of orders will move into execution from 1QFY20-end/3QFY20 leading to a strong pickup in revenue from 2HFY20. Hapur project's AD is expected to come in the next 15days. The EPC bid pipeline is strong (HG plans to bid for ~Rs 250bn in EPC and selectively in HAM) and it stands to benefit from the upcoming ordering in the roads segment (incl. State projects). We maintain BUY. Key risks (1) Slowdown in NHAI ordering; (2) High interest rates; and (3) Delay in appointed dates for HAM. We maintain BUY on HG with SOTP of Rs 462/Sh, valuing the EPC business at 15x FY21E EPS. We have marginally cut our FY20/21E EPS by 0.7/0.3% to factor in higher interest costs as share of interest bearing mobilization advances increase in the mix.