PSP is maxing out on execution at current order book levels of Rs 30bn. It needs to replenish its order book and increase the average size of new order wins. Tailwinds provided by the SDB project execution augurs well for meeting qualification requirements of large government/private orders. PSP needs to increase its share of order book in the Mumbai/Bengaluru regions and reduce reliance on Gujarat. We believe further re-rating is contingent on this successful transformation. We maintain BUY. Key risks (1) Delay in diversification; (2) Slow private capex recovery; and (3) High interest rates. We maintain BUY on PSP with an increased TP of Rs 579/sh (vs Rs 550 earlier). We have upgraded our FY21E Rev/EBITDA/APAT estimate by 4.4/4.4/5.2%