Top Picks: LT, PNC, KNR & Capacite. All engines yet to fire: After big bang announcements on infra spend in Roads/Railways/Water etc, the ordering is yet to play out on the ground. NHAI bidding is expected to pickup from Nov-19 where we estimate 4,500km to be bid out at an EPC cost of Rs 743bn. State project awards from UP worth Rs 120bn will fill the order vacuum in 1HFY20. To sum up, 1HFY20 was a washout for most of the road developers with 2HFY20 looking robust.