Rail Vikas Nigam Ltd (RVNL), a Rail EPC company's has received new orders of Rs61bn in H1FY21 and order book is healthy at Rs822bn (6x TTM revenue). We expect execution (revenue) to improve in H2FY21 (H1FY21 is -8% YoY), as order book in execution stage has increased to Rs462bn (Q2FY21) vs. Rs358bn QoQ i.e. order book in execution stage is now at 56% vs 44% QoQ. Company has made a capital infusion of Rs0.63bn in Angul Sukinda Railway Limited and total investments in JV / Subsidiary stand at Rs16.5bn (30% of networth). We have introduced FY23E financials and roll forward TP. Revised TP is Rs28 (earlier TP Rs24), valued on an unchanged PER multiple of 6x (stock has...