Our database of order announcements by industrial companies/awarding agencies shows a pick - up in Q2 FY16 (and H1 FY16). This is driven by commoditised segments (highways, water, power T&D) and government sector (Centre and States). However, L&T’s market share appears to have fallen sharply, as a) it missed out on certain large orders (power gen, DFC); and b) smaller regional players increased penetration in water and highway sectors. BHEL’s experience has been mixed in Q2, though orders for which it emerged the lowest bidder are yet to be place d. We think project companies could continue facing trade - off between orders and margins. Our preference stays for product companies (Voltas, V - Guard, Havells, Finolex Cables).