Being a strong local player, PNC is well placed to capture a large share of the upcoming NHAI and UPEIDA tendering (incl. Bundelkhand, Gorakhpur Link and Ganga Expressways). PNC has guided for ~Rs 70-80bn inflows in FY20E (~50% in HAM). Asset monetization is on track with PNC awaiting NOC from NHAI and lenders (receipt is likely by Sep-19) for Aligarh Ghaziabad project stake sale to Cube Highways. Of the total order book of Rs 131bn only ~Rs 9bn is yet to move into execution. Balance sheet is robust with FY19-end standalone net D/E of <0.1x. Our estimates for PNC are ~25% higher than consensus as we believe the management is conservatively guiding the analyst community. We maintain BUY. Key risks (1) Slowdown in NHAI ordering; (2) Delay in UP state projects awards; (3) High raw material inflation. We maintain BUY on PNC with a SOTP based TP of Rs 339/sh. We have not made any major changes to our estimates