DBL has established itself as strong executioner with a track record of securing early completion bonus for its projects, though it comes at a cost of inventory pile up and NWC stress in case of delays in Appointed Date. With all but one of its HAM projects awaiting AD, we expect an improvement in NWC situation. DBL has secured a deal for monetization of its HAM portfolio with Cube Highways, which may enable capital churning and help bid for new projects. We maintain BUY with a cautious approach on debt built up We maintain BUY on DBL, with a reduced TP of Rs 717/sh (vs. Rs 737/sh earlier). We retain our target EPC multiple at 12x FY21E EPS to factor a marginal cut in FY20 revenue estimates. We have revised our FY20/21 EPS estimates lower by 9.9/4.9% respectively.