Strong backlog to ensure 15.2% revenue CAGR (FY19-21E) On the order inflow front, YTD order inflows during 9MFY20 came in at | 9820 crore with orders coming in from railways, T&D; and good traction from SEBs. Even though order inflow stayed flattish, we believe with an L1 of | 2500 crore combined with strong order pipeline in railways (conventional railway, new track lines, overhead electrification), green energy corridor and new opportunities in the oil and gas sector (gas & water pipeline, etc) should help KEC achieve its order inflow target of | 14000 crore. KEC expects good...