Road EPC players' fortunes are linked to NHAI ordering. High land acquisition cost (~30% of Total NH cost) has led to ballooning of NHAI debt and concerns on sustainable ordering. GOI commitment to Infra build-out in India as envisioned in the NIP program seems positive but lacks financial detailing (Union Budget 2020 may lend some visibility). On the positives, NHAI ordering has resumed. Banking environment is improving with no shortage of capital for companies with strong balance sheet. HAM monetization has picked up and most of projects have received Appointed Date'. Interest rate has been supportive. We maintain our positive stance on the sector going into FY21E. We believe peak ordering is still 2yrs away and P/E valuation is supportive (average peer P/E 8x FY21E EPS a 50% discount to long term averages). Top Picks: KNR, PNC, HG Infra and Ashoka Buildcon. In building segment we prefer Capacite and Ahluwalia Contracts. NHAI finally seems to be firing on multiple fronts to make the Highway ecosystem more stakeholders/investor friendly. Slew of measures have been announced viz (1) Arbitration settlement though conciliation (2) FASTag implementation (3) Tweaking of the ToT model & (4) Improving visibility on awarding. These measures add to positives and will benefit Road EPC players with strong balance sheet.