DBL has a strong execution engine which was impacted due to financial constraints owing to high equity outlay on HAM projects. This has been sorted out with Shrem and Cube Highways deal and likely closure of residual 7HAM projects monetization by 1QFY21. We believe that non roads share in the order book will de-risk growth concerns. Balance sheet healing augurs well for multiple re-rating. DBL is in talks with credit rating agencies for a possible rating review and has indicated 2QFY21E timeline for a possible outcome. We have cut down FY20/21E EPS estimates by 21.7/6.2% to factor in rev cut, high interest expense and taxes. We maintain BUY. Key risks (1) Further debt build-up; (2) Deterioration in NWC days and (3) Delay in balance 7 HAM monetization. We maintain BUY on DBL, with a reduced TP of Rs 681/sh (vs. Rs 717/sh earlier). We retain our target EPC multiple at 12x FY21E EPS to factor a marginal cut in FY20 revenue estimates. We have revised our FY20/21 EPS estimates lower by 21.7/6.2% respectively.