JMC delivered robust standalone 1QFY20 performance though Rs 140mn BOT loss funding was dampener. Order book accretion of Rs 11.3bn is strong, largely driven by B&F segment. We expect JMC to clock 15.9% revenue CAGR over FY19-21E. High tax rate and interest cost to result in 4.6% muted EPS CAGR. The stock currently trades at 13.7/12.6x FY20/21E Core EPC earnings. We will closely monitor the progress on BOT assets monetization and performance in 2QFY20. Key risks (1) BOT Loss funding (2) High debt (3) Real estate slowdown. We maintain BUY on JMC, with a TP of Rs 176/sh (vs Rs 173/sh earlier). During 1QFY20 JMC delivered Rev/EBIDTA/APAT beat of 20/27/18% vs our estimates. We value EPC business at 16x Mar-21 EPS.