With bids placed for orders worth ~Rs 20bn, PSP expects to replenish it order book and maintain order book-to-bill ratio at around 2.5-3x. With 48 project currently under execution and the Bhiwandi EWS project, contributing ~19% of the outstanding order book, expected to contribute to revenues from 4QFY20 onwards, the drop in expected revenue from SDB project is expected to be compensated to some exxtent by execution in other projects and we expect the company to achieve ~25% top-line growth in FY20 (in line with the guidance). We believe that diversification beyond Gujarat market may further aid re-rating. We maintain NEU with a one notch reduction in multiple to factor in the delay of up to 10 months in Surat Diamond Bourse Project. Key risks (1) Delay in diversification outside Gujarat; (2) Delays in new order conversion & (3) Further delay in SDB Project execution. PSP delivered Rev/EBIDTA/APAT beat of 14/13/29%. We maintain the stock at NEU with a TP Rs 590/sh TP vs Rs 579/sh earlier (we value EPC business at 15x FY21E EPS vs 16x earlier). We have revised our FY20E/FY21E EPS estimates by 6/9%.