Over FY18-20E PNC has delivered 68% Rev CAGR on back of robust order inflows. Order inflow for FYTD20E has been weak at Rs 10bn. PNC needs to win Rs 50-60bn of new orders during 4QFY20 to prevent a PE de-rating. NHAI bid pipeline is strong with limited competitive intensity in HAM segment. We expect PNC to win Rs 52bn new order during 4QFY20E. Balance sheet is strong with net cash of Rs 900mn as of 3QFY20. NWC has reduced to 56days and best amongst peers. Ghaziabad Aligarh monetization proceeds of Rs 3bn will provide further comfort on HAM equity funding. We maintain BUY. Key risks (1) Slowdown in NHAI ordering; (2) Delay in HAM projects monetization. Whilst PNC reported 3QFY20 Rev/EBIDTA/APAT miss of 9.8/9.4/10.7% respectively we have retained our FY20E Rev estimate. We maintain BUY on PNC with a SOTP based TP of Rs 339/sh (18x FY21E EPS). We have increased our APAT estimate by 6/0.3% for FY20/21E to factor in higher other income and lower tax rate.