KPTL has taken strategic steps towards BS deleveraging. Well diversified sector/geographical presence is yielding high growth. NWC is stable. With 2HFY20 likely to see strong T&D/Railways order bidding, KPTL is well set to exceed Rs 90-100bn of order inflow guidance. Road Assets monetization talks are nearing finalization. Restructuring/ refinancing of two Roads BOTs will bring down cash burn significantly. Key risks (1) Delays in capex recovery, (2) Slowdown in government infrastructure spend, (3) Delay in Road BOTs monetization and (3) NWC deterioration. We recommend a BUY on Kalpataru Power Transmission Ltd. (KPTL) with SoTP of Rs 675/sh (core 15x FY21EPS). The Company has upped its FY20E revenue growth guidance from 15-20% to 20%. Tailwinds like significant BS deleveraging by FY21/22E will lead to further re-rating.