AHLU delivered yet another 2QFY20 miss. We continue to remain patient as execution shall start on entire order backlog from 4QFY20E. About Rs 10.6bn worth of projects (15% of OB) are slow moving of this Rs 5.5bn Charbagh Station redevelopment may get foreclosed due to environment hurdle. New wins of Rs 20bn doesn't have environment concerns. Delhi construction ban may get lifted by Nov-19 end. The Robust balance sheet, net cash status and better than peers RoE/RoCE are other comforting factors. We maintain BUY. Key risks include (1) Slow down in government capex; (2) High cost inflation; (3) Stuck projects; (4) Lower than expected leasing in Kota BOT project. We maintain BUY on AHLU with a reduced TP of Rs 388 (vs. Rs 402/sh earlier) despite 26% 2QFY20 miss on APAT. We downgrade our FY20/21E EPS by (13)/2.7% to factor in slow order book to execution conversion and ~Rs 10.6bn of non moving projects. Tight liquidity is another factor impacting growth. We value the core EPC operations at 15x FY21E EPS.