Sadbhav Engineering's (SADE) Q4FY19 revenue declined 8% YoY and missed estimates due to a slowdown in execution of HAM projects and delayed award of appointed dates (AD) for newer contracts. EBITDA margins remained healthy, rising 120bps YoY to 12.4% but reported PAT nosedived 59% YoY due to a steep rise in tax rate to 65%. We downgrade our FY20 EPS estimate by 13% to incorporate delayed ADs and lower order inflows, while raising FY21...