SIL faces headwinds on back of slowing Pvt/Public capex and tight liquidity environment. The company needs to bank on less cyclical segments like Smart Infrastructure. Government investment in Gas & Power is expected to recover as the installed base ages and upgrades are needed. Meanwhile, Metro projects will drive the Mobility segment. While Mobility business sale being put on hold for time is a minor reprieve we await clarity on highest revenue contributing segment Power & Gas. We maintain NEU. Key risks (1) Delays in Government capex recovery, (2) Slowdown in private investments, (3) INR depreciation, and (4) Any adverse corporate action. Owing to slowing Private/Public capex and tight liquidity environment, SIL delivered 8/7/5% Rev/EBIDTA/APAT miss. We have upgraded FY19/20E EPS by (1)/3.7%. Maintain NEU on Siemens India Ltd. (SIL) with a TP of Rs 1,197/sh (vs. Rs 1,165/sh earlier).