Techno Electrics (TEEC) 4QFY16 revenues were lower than estimates. However, the management stated that project execution was on schedule. EPC EBIT margins stood robust at 17% ( 100bps YoY). The 4QFY16 order inflow at Rs 6bn surprised positively, leading to a 28% YoY growth in the order book (Rs 26bn). Hence, we increase our revenue estimates by 2.3/8.5% for FY17/18E.