We revise our FY26/27E EPS estimates by -37.8%/-20.6% and downgrade the stock from Buy' to Hold' amid delayed order booking and execution due to tariff related uncertainties and liquidity challenges in domestic market. The company delivered a weak quarterly performance, with revenue declining 8.4% YoY and EBITDA margin contracting 685bps YoY to 5.6%, primarily due to execution delays. Tariff-related uncertainties affected order finalization, while funding constraints among customers halted dispatches in the domestic market straining working capital of the company and elongating the execution...