3QFY22E/4QFY22E. Work at MHADA project (under SPV Co. Share 35%) has commenced and is expected to book revenue of Rs3bn/Rs7bn/Rs10bn in FY22/FY23/FY24. Management indicated bid pipeline remains strong at Rs460bn, though it will be cautious on margin front while picking up projects. We believe that CAPACITE is well-positioned to gain traction driven by a) impressive execution track record with stable margins, b) healthy order book (Rs88.7bn as at 4QFY21, excluding MHADA orders), c) lean balance sheet...