Over the past 3 years JMC has consciously increased its Infra portfolio (now ~36%) even as it observed restraint and resorted to selective bidding in its buildings portfolio. We expect JMC to clock 15.9% revenue CAGR over FY19-21E even as APAT will grow only 4.6% (affected by higher depreciation and interest cost). The stock currently trades at 10.5/9.7x FY20/21E Core EPC earnings (after having recovered 70% from its 52W low). We will closely monitor the progress on BOT assets monetization. This remains essential for deleveraging. We maintain BUY. We maintain BUY, with a reduced TP of Rs 173/sh (vs Rs 187/sh earlier). We have cut our target EPC multiple from 18x to 16x to factor in the debt build-up, delay in BOT monetization & increased Roads BOT shortfall funding.