Order inflow revival to drive value. The management appears confident about
avoiding one-off charges but guarded on the subject of realization and margins. We
upgrade to BUY rating based on (1) signs of order inflow revival, (2) sector prospects
and (3) significant upside to our target price of Rs140/share post the correction. The
stock will also be driven by (1) lower working capital, (2) pick up in order inflows and (3)
potential balance sheet restructuring after the Hansen stake sale and equity issuance.