Recommendations and stock picks: Outlook on ordering both domestic/international ex roads is likely to be weak. Banks lending will be selective. We have downgraded ABB from ADD to SELL and Siemens from ADD to REDUCE. We have cut PSP/ITD rating from BUY to ADD. We maintain BUY ratings on other coverage stocks. For our coverage universe, we have recalibrated the P/E multiple/EPS estimates lower resulting in TP cuts by 10-60%. In cap goods, LT is our top pick. In the mid cap EPC space, KNR, PNC, HG Infra and Ahluwalia are our top picks. COVID-19 poses multiple headwinds: Industrials companies have been hit hard by COVID-19 pandemic. Execution has started to pick up slowly post almost a month of lockdown. Local Govt approvals are coming slowly as the sector grapples for remobilization of sites. Urban areas are being turned into containment fortresses and it will take time for the works to resume. This will largely impact Metro and Real Estate projects execution. National Highway projects are still executable as they run through interior State districts with limited COVID-19 impact. We believe pure play NH EPC players are best placed to tide through the crisis. Buildings players are worst impacted.