Q2FY17 Revenue/EBITDA/PAT of Rs 2.9bn/Rs 398 mn/Rs 197 mn were lower than our estimates by 8-10% due to slower than expected execution. However, EBITDA margin at 13.7% (+124 bps YoY) was in-line with estimate. Going ahead, the company expects some delay in execution in private residential projects (which contributes ~ 20% to the order book) considering de-monetization impact and cut their revenue guidance to ~ 15% YoY growth in FY17E (earlier 20-25%). We revise downwards our earnings estimates by ~ 4%/~ 9% for FY17E/18E to factor in weaker performance in Q2FY17E and lower guidance by the company. Current valuation at 14.1x P/E on FY18 earnings looks fail and factors in most of the positives. Maintain Hold.