Valuation - Maintain Buy with unchanged PT of Rs. 590: KPTL has shown strong execution with 25% y-o-y standalone revenue growth for H1FY2020, led by better-than-expected growth in T&D; and doubling revenue from railways. Going ahead, its T&D; is expected to grow at 10-12% y-o-y, while railways and oil and gas are expected to grow at a higher pace. Further, order visibility remains healthy in domestic T&D;, neighboring countries (Bangladesh and Sri Lanka), Nordic region and African countries. We have upwardly revised our estimates for FY2020-FY2021, factoring strong...