Despite weak sectoral headwinds and entry of other organized players like Godrej in Pune market, KPDL is continuing to hold its influence in home market of Pune. To drive profitability, KPDL has built 1mn sqft of project pipeline for Mumbai. Absence of new launches in 2HFY20 remains a key dampener. We expect KPDL to bounce back as real estate recovery pans out. We derive comfort from large part of KPDL portfolio being affordable. We remain constructive and maintain BUY. Key Risks: (1) Aggressive competition, (2) High interest rates and (3) Debt bloat up. KPDL financial performance under POCM was in line with our estimates. Despite this, weak pre-sales was a key dampener. Robust collections and stable debt are key positives. We maintain BUY with SOTP of Rs 313/sh.