Excellent write up, Vijay.
Substantial order book, debt reduction in next few quarters and business visibility for next 2~3 yrs due to various digital initiatives might result in YoY growth.
Few more risks:
1-Current business profile does not seem to be stickier with predictable cash flows.
2-Management does not walk the talk. For example – Elitecore acquisitions was mentioned to be fulfilled with internal accrual and cash. Finally, it was done with debt.
Disclosure : Invested for tracking purpose. Roaming with a truck to load up as an opportunistic bet, if price is attractive to make it a no-brainer (power business comes free—wishful thinking 
).
As power business might be listed back after few years to provide the exit to PE investor, it might be the real wealth creator! As this is an assumption, hence the wishful thinking .
Let’s focus on Power business which is being taken away from shareholders via demerger.
1. Why does management load it up with higher debt as it does not seems to be generating enough cash to service it (per say carved out financials for FY15 and H1 of FY16)?
2. Is this the real Gem which was nurtured with the cash flows of telecom and is at the inflection point and grim picture is portrayed to ensure that it goes offline smoothly?
Open to Valuepickers for hints to dig further in to it.
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