J.Kumar Infraprojects Ltd. (JKIL) has a strong track record of executing roads and bridges, structural buildings, urban infrastructure such as metro, railway, subways and skywalks. The company reported strong 15.6% YoY revenue growth in 3QFY20 led by strong execution in its key metro and non-metro projects. Adj. PAT came in at Rs557mn (PLe Rs525mn), up 26% YoY, led by strong execution, lower than anticipated finance costs and higher other income of Rs89mn. On the back of a) healthy order book (Rs124.4bn as on 3QFY20) with steadily increasing order ticket size, b) strong execution capabilities, c) controlled financial leverage (D:E of ~0.4), d) strong EBITDA margins (~17% over FY14-19), we expect JKIL’s revenues/PAT to grow at 14%/22% CAGR over FY19-22E. SEBI’s order (dated 7th Oct’19) of revoking its interim order (of Sep’18) wherein it had directed exchanges to appoint an independent auditor has come as a big relief. This along with other relief orders in Aug’19 is expect to remove the overhang on the stock. At CMP, the stock trades at a P/E of 5.2x/4.4x on FY20E/FY21E EPS and is trading at an EV of 2.9x/2.6x FY20E/FY21E EBITDA. We maintain BUY rating on the stock with a TP of Rs239.