Valuations at 14x FY19E (MidCap-IT at 12.2x) may limit the upside. Maintain NEUTRAL with a TP of Rs. 800, 15x FY19E EPS. We attended L&T; Technologys (LTT) Analyst Meet, where the company showcased its IPs and multiple solutions (transportation value-engg. services, connected worker IoT etc). Going ahead, LTTs growth will be led by (1) Large client mining (geo-expansion strategy), with 48 clients from the global Top-100 R&D; spenders, (2) Diversified vertical mix (recovery in the Process Industry vertical), (3) Business de-risked from client concentration (lowest Top-10 revenue share vs peers at 37%), (4) Acquisition synergies (Esencia) in the Telecom and Hi-tech vertical, and (5) Margin levers of utilisation, fixed-price and IP revenue.