AHLU has witnessed strong order inflows during FY19 but somehow there has been quarterly execution misses leading to failure in achieving FY19 annual guidance. FY20 is no different with a weak quarterly start amidst tight liquidity conditions. We remain skeptical on AHLU achieving its FY20E growth guidance. Only hope is strong starting order backlog and Patna PWD project (Rs 5.2bn) breaking ground from Sep-19. Robust balance sheet, net cash status and better than peers RoE/RoCE are other comforting factors. 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 402 (vs. Rs 430/sh earlier) despite 25/25/33% 1QFY20 miss on Rev/EBITDA/APAT. We downgrade our FY20/21E EPS by 6.6/6.6% to factor in ~Rs 10.6bn of non moving projects. We value the core EPC operations at 16x FY21E EPS.