AHLU's guidance miss over the past two years (Rev/EBIDTA margins) has unnerved investors as this was on back of order book multiplying 2x (over FY18-19) and resultant expectation of higher growth delivery. Broader economic slowdown, tight liquidity, NGT ban and clients deferring project started impacting execution. However, these issues appear to be settling as execution has picked up from Nov-19. Robust BS, net cash status and better RoE/RoCE than its peers 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. Despite 2x jump in order backlog during FY18-20, AHLU is forecasted to deliver 4.2% rev CAGR. Tight liquidity, EC delays/NGT ban and client specific issues impacted execution. We believe that guidance misses over the past two years are now behind and AHLU is well placed to deliver 15-20% growth over next two years. Strong balance sheet, robust cash flow and superior RoE augurs well for re-rating. We maintain BUY with TP of Rs 388. We value the core EPC operations at 15x FY21E EPS.