Religare Capital sees significant growth in India's addressable roads sector market over FY16-FY18 led by increased government infrastructure spending, easing regulatory hurdles, and the introduction of innovative financing models to spur private sector investment.

''Overall, we believe companies that can efficiently manage their working capital and cash flows would be able to scale up profitably over the medium to long term,'' Religare said.

Religare's top EPC picks are Nagarjuna Construction Company, MBL Infrastructures, and J Kumar Infraprojects. In the integrated BOT space, it likes IRB Infrastructure  and Supreme Infrastructure.

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