(Rs108.2bn as on 3QFY20, excluding MHADA orders) c) lean balance sheet with healthy return ratios; d) strong management pedigree; and e) asset-light business model. However, given the lower than anticipated execution in 9M due to current economic environment and slowdown in real estate, we have reduced our estimated for revenue by 22.6%/13.2%/7.1% and PAT by 16.3%/10%/1.6% for FY20E/21E/22E. We believe, given its strong execution capabilities, healthy client relationship and strong financials, CAPACITE is well placed to gain from further pick up in ordering activity from government...