Rail Vikas Nigam Ltd (RVNL) is engaged in the business of constructing rail infrastructure i.e. new lines, doubling, gauge conversion, railway electrification, metro projects and workshop. RVNL's execution (revenue) was up 2% YoY in Q1FY21 versus last 5 years revenue CAGR of 37%. Lower increase in the execution versus past trend is due to lockdown in April-20. Q1FY21 EPS forms 20% of our FY21E EPS estimate. We expect execution to improve as out of RVNL's order book of Rs806bn, 44% are firm orders and execution is in progress. Stock trades at 5x FY22E EPS and offers a dividend...