Subros Limited (Subros), Q3FY20 results were above our estimates at operating level. EBITDA margin stood at 10.4% vs our estimates of 8.5% on account of lower RM cost and lower operating expenses. Adj. PAT for the quarter stood at Rs135mn above our estimates of Rs113mn. We maintain our revenue/earnings CAGR of 4%/15% over FY19-22E with EBITDA margin of ~8% and average free cash flow of ~Rs1bn. We change our rating to ACCUMLATE (earlier BUY) due to recent increase in share price and...