Order inflow at higher margin: RVNL has won orders of Rs15bn on competitive bidding in Q2FY22. We understand this is positive as lack of order inflow was one of the concerns for future growth with the company. Order inflow is won at improved margin vs current EBITDA margin at 5-6%. H1FY22 Order book at Rs650bn vs Rs750bn in FY21. RVNL has also commenced bidding for orders in international market, this could improve order inflow traction for the company. Introduce FY24E financials: RVNL current order book is at 3.5x FY22E revenue. We expect revenue to increase by 18-19% pa over FY22E-24E. EBITDA margin to improve...