Margins for FY21E are expected to dip to ~13%, largely tracking a subdued performance in Q1FY21. However, from FY22E onwards, SEL is seen climbing back to erstwhile 14-15% trajectory amid operating leverage benefits. On the B/S front, SEL remains a debt-free, cash rich company with cash & liquid investments worth ~| 182 crore on books as of FY20 (~10% of current market cap). Negative working capital cycle demonstrates the strength of the business model. It has a track record of robust capital efficiency (30% RoE, 34% RoCE, 163% RoIC as of FY20), while cash...