PNC has been delivering robust performance for past 6-7qtrs as entire order backlog Rs 98.7bn (ex Rs 20bn Lucknow Ring Road and Karnataka HAM) has moved into execution. With Net D/E of 0.1x end 2QFY20, PNC is well placed to take up new HAM projects. Anticipating strong improvement PNC has increased fund/non-fund based limits to Rs 10/50bn. As NHAI bidding picks up PNC is well placed to bag new orders. NWC days has improved from 97days to 59 in 1HFY20. PNC is in talks with investors to sell under construction HAM portfolio. We maintain BUY. Key risks (1) Slowdown in NHAI ordering; (2) Delay in UP state projects awards. PNC has been delivering robust performance for past 6-7qtrs as entire order backlog Rs 98.7bn (ex Rs 20bn Lucknow Ring Road and Karnataka HAM) has moved into execution. With Net D/E of 0.1x end 2QFY20, PNC is well placed to take up new HAM projects. Anticipating strong improvement PNC has increased fund/non-fund based limits to Rs 10/50bn. As NHAI bidding picks up PNC is well placed to bag new orders. NWC days has improved from 97days to 59 in 1HFY20. PNC is in talks with investors to sell under construction HAM portfolio. We maintain BUY. Key risks (1) Slowdown in NHAI ordering; (2) Delay in UP state projects awards. PNC reported 2QFY20 Rev/EBIDTA/APAT beat of 13/12/5% respectively. We maintain BUY on PNC with a SOTP based TP of Rs 340/sh (18x FY21E EPS). We have cut our APAT estimate by 9/0.4% for FY20/21E to factor in high...