SIL growth headwinds remain with limited visibility on Pvt./Public capex. Tight liquidity environment makes it further challenging to maintain NWC. Whilst ex GP (highly cyclical), less cyclical segments like Digital Infrastructure & Mobility continue to see traction, large ordering is still awaited. While Mobility business sale was earlier put on hold we await clarity on highest revenue contributing segment-Power & Gas. Exports segment is also stagnant owing to weak global demand. We maintain NEU. Key risks (1) Delays in Government capex recovery, (2) Slowdown in private investments, (3) INR depreciation, and (4) Any adverse corporate action. Slow Private/Public capex and high competitive intensity has resulted in muted 4QFY19 YoY growth. SIL delivered Rev/EBIDTA/APAT (beat)/miss of (0.4)/10/15%. Our FY20/21E EPS is unchanged. Maintain NEU on Siemens India Ltd. (SIL) with a TP of Rs 1,463/sh.