IRCON international (IRCON) Q2FY21 PAT came 18% higher than our estimate and it stood at Rs0.8bn. Execution has seen an improvement on QoQ basis and company highlighted in Oct-20, its execution run rate is matching pre covid levels. For FY21E, Ircon guides for revenue of Rs49-52bn. Order book as on Q2FY21 equals to 7x TTM revenue and this include Rs23bn orders won in Q2FY21. We introduce FY23E financials and roll forward TP to FY23E. Our revised TP is Rs110 (same as earlier, as we value the stock at 8.5x FY23 EPS vs earlier 10x FY22E EPS). Stock average valuation since IPO (in FY19) is 8x. We upgrade the rating to BUY, stock offers an upside of 35% and dividend...