With economic activity opening up and lockdown restriction being eased, we expect awarding momentum to garner pace from 2HFY22E primarily in Roads, Urban Infra, Railways and Water/Irrigation segments (NIP outlines investment of over ~Rs103trn over the next 5 years). NHAI has a robust awarding pipeline of over 4,500-5,000km of projects to be awarded within 6-9months, giving road players huge opportunities to tap. Further, most companies indicated that they have a healthy bid pipeline in other sectors such as Metro (over Rs150-200bn), Railways...