PNC Infratech (PNCL) Q4FY21 operationally (EBITDA) was in-line with our and consensus estimate. For FY21 execution (revenue) was flat YoY and PNC has guided for revenue to increase by 20% YoY. PNC has strengthened its in-house execution and despite pandemic it has increased its employee strength by 15% to 9,599 in FY21. On the ground execution was not impacted from Covid 2nd wave and PNC guided toll revenue to increase from July 21. Ordering was strong in the sector and PNC is L1 in orders of Rs50bn. Firm Order book at Rs116bn equals 2x TTM Revenue. We maintain BUY rating with unchanged TP and EPS. In SOTP based TP, we value EPC/construction...