CSL continues to have a solid order book of | 8,050 crore. It is also likely to receive order for phase III of IAC, which is likely to be ~| 10,270 crore (| 3000 crore as fixed price contract and | 7270 crore as cost-plus contract) in a month or two. This takes the total order backlog to | 18,320 crore. In FY20E, we expect CSL to book significant revenues on the SB side, due to execution of current order book plus lumpy execution from the ‘cost-plus’portion of IAC phase III. SB revenues are expected to grow at 23.3% CAGR while shiprepair is expected to slightly decline at 3.2% CAGR, in FY19-21E. We expect overall margins to get diluted in FY20E-21E due to higher contribution from the SB side. Thus, we estimate revenue, EBITDA and PAT CAGR of 16.5%, 12.1% and 5.1%, respectively, in FY19-21E. On the whole, we maintain our BUY recommendation on the stock and value CSL at 11x FY21E earnings for a target price of Rs 440/share.