Order backlog is at Rs1,559cr, which is 2.6x FY21 sales. Order inflow was at Rs916cr, showing signs of improvement. We believe that headwinds like order inflow & execution delays have seen some improvement. While order inflow visibility has shown improvement in recent times. Order intake guidance of Rs750cr for FY22E is encouraging. Going ahead with given order execution mix, we expect EBITDA margin remain in the range of 12-13% versus 20% (5yr avg.). However, likely hit on margin profile is expected to hurt the profitability and valuations in the long run....