HG's NWC is ~58days, standalone debt reduction to Rs 2.7bn by FY20E is on track and HAM equity infusion of Rs 2.6bn will be met from internal accruals. HG targeted bid pipeline is robust at ~Rs 150bn (envisages securing HAM orders of ~Rs10bn and EPC orders of ~Rs10-15bn during 4QFY20). Lending institutions continue to draw comfort from the company's execution track record and financial position as it has achieved timely Financial Closure for its 3 HAM projects. Thus, HG is well placed to achieve FC for its incremental HAM projects. We maintain BUY. Key risks (1) Further delay in NHAI ordering activity; (2) Delays in receipt of pending dues from Rajasthan Project. HG Infra reported Rev/EBIDTA/APAT beat of 2.3/0.9/(3.8)% vs our estimates. The company continues to maintain EBITDA margin around the 15% mark. We maintain BUY on HG with SOTP based TP of Rs 441/Sh, valuing the EPC business at 12x FY21E EPS.