DBL has established itself as strong executioner though it has come at cost of balance sheet distress. Benefits of early completion bonus have not kept pace with high interest outgo on inventory built up. DBL owned HAM projects are in advance stages of monetization with first bunch of 5 assets expected to be sold during 2QFY20. This is key for DBL re-rating. We maintain BUY with a cautious approach on debt built up. We maintain BUY on DBL, with a reduced TP of Rs 720/sh (vs. Rs 737/sh earlier). We retain our target EPC multiple at 12x FY21E EPS to factor in limited headroom on debt reduction. Large part of cash generation will go towards meeting pending equity requirement for under-construction HAM projects.