With an order pipeline of ~Rs 50bn (dominated by hospitals, educational and metro related projects) AHLU expects ~Rs 20bn of inflows in FY20E. Even though it was quite open earlier to add private sector projects in the near term, it admits that the public sector skew will continue and is unlikely to change materially for now. AHLU has survived across cycles and has tuned itself to the vagaries of the building segment. We like AHLU's conservative bidding approach, focus on balance sheet and staying away from unnecessary diversification. We maintain BUY. Key risks include (1) Slow down in government capex; (2) High cost inflation; (3) Stuck projects; (4) Lower than expected leasing in Kota BOT project. We maintain BUY with a reduced TP of Rs 430 (vs Rs 443/sh earlier) despite 11/25/24% 4QFY19 miss on Rev/EBITDA/APAT. We have downgraded our FY20/21E EPS by 6.8/3.1% to factor in ~Rs 8.3bn of non moving projects.