Led by a strong order backlog and the award of appointed dates (AD), we expect sustained execution momentum for road developers under our coverage in Q1FY20. Order inflows, however, were nil owing to the elections. Aggregate revenue is forecast to grow 22% YoY, while we expect earnings to decline 22% due to a higher tax rate post discontinuation of section 80IA benefits. EBITDA margins look stable except for KNRC which could see a decline due to a change...