SIL 1QFY20 start is weak on back of muted public/private capex. EBIDTA margin expansion was a positive surprise. Growth headwinds remain with limited visibility on Infrastructure ordering. Tight liquidity environment makes it further challenging to maintain NWC. Whilst ex GP (highly cyclical), less cyclical segments like Digital Industries & Mobility continue to see traction, large ordering is still awaited. While Mobility business sale was earlier put on hold we await clarity on highest revenue contributing segment-Power & Gas. Exports segment is also stagnant owing to weak global demand. We maintain NEU. Key risks (1) Delays in Government capex recovery, (2) Slowdown in private investments, (3) INR depreciation, and (4) Any adverse corporate action. Slowdown in capex and delayed customer off-take has resulted in a muted 1QFY20 Rev performance. SIL delivered Rev/EBIDTA/APAT beat/(miss) of (12)/3/(4)%. Our FY20/21E EPS is unchanged. Maintain NEU on Siemens India Ltd. (SIL) with a TP of Rs 1,463/sh.