Rail Vikas Nigam (RVNL) Q4FY21 EBITDA was better than our estimate. For FY21 execution (revenue) increased by +6% YoY and EBITDA margin increased by 30bps YoY to 5.7%. RVNL has reported loss from its associate company at Rs4mn and losses has reduced from Rs166mn YoY. PAT increased by +22% YoY and was driven by higher other income. Post the result we have increased EPS by 9%/7% for FY22/23E and revised TP to Rs36 (valued at 7x FY23E EPS). But given uptick in the stock price we downgrade the rating to ACCUMULATE from BUY. FY21 Orderbook at Rs750bn provides revenue visibility for the next 4 years but company has received negligible orders in...