CIL 2QFY20 was largely in line with miss on APAT. Extended monsoon impacted execution. With robust financially closed order backlog of Rs 111.3bn ((5.5x FY20E rev) we model for 26/39% FY19-21E Rev/APAT CAGR. The order book is now well balanced between Private/Govt clients. This brings in diversification and lowers risk premium as revenue predictability improves with Govt. clients. We Maintain BUY with an increased TP of Rs 360/sh. Key risks (1) Slowdown in real estate (2) Delay in debtors recovery & (3) Slowdown in Government Capex. Capacite Infraprojects Ltd (CIL) delivered Rev/EBIDTA/PAT miss of 2.3/2.1/16% respectively led by extended monsoon. Large CIDCO order win of Rs 45bn was the key highlight of 2QFY20. We maintain BUY on CIL with an increased TP of Rs 360/sh (12.8x FY21E EPS).