We remain positive on the company given a) its excellent blend of diversified EPC orders and Asset ownership (in 23 Road assets and 3 City Gas Distribution assets), b) stable EPC margins and c) healthy order book (Rs94.7bn as at 1QFY22) and foray into new verticals i.e. Railways (8% of order book) and EPC buildings (13%). We expect revenue/PAT CAGR of 9.2%/1.4% for FY22/23E respectively. At the CMP, the stock trades at an EV of...