In 3QFY20, Dilip Buildcon Ltd (DBL) revenue declined by 4% YoY on account of delay in award of appointed date by NHAI and continuous rainfall until Nov-19. Management has lowered its FY20E revenue guidance by 5% to Rs95b. But we understand, despite the cut, revenue to increase by 40% YoY in 4QFY20. EBITDA margin in 3QFY20 was flat YoY at 17.6% and FY20E EBITDA margin is expected at 17-18%. DBL has received orders of Rs62b in YTDFY20 and has guided for incremental orders of Rs50-70b in 4QFY20. NHAI ordering has been weak and Rs800b worth of tender are open until today and DBL expected speedy award in the coming month. We maintain BUY rating on...