IRB GIC deal is a game changer for company, IRB has secured means to partly fund its balance equity requirement of Rs 27.6bn. The free cash flow potential of the portfolio is Rs 880bn over the project lifecycle (~20yrs), with Rs 2bn/yr IRB share from first year. IRB will leverage this partnership to bid for upcoming BOT and TOT projects, though it will have to bring 51% of equity share. We maintain BUY. Key risks (1) Declining toll revenues in certain projects, (2) Market acceptability for BOT projects and (3) Delay in appointed dates in remaining HAM projects, contributing 25% to order book by value. IRB delivered strong 9/15/28% 2QFY20 Rev/EBIDTA/APAT beat. With limited visibility on NHAI BOT project awards we cut IRB EPC multiple from 6x to 4x 1-yr forward. We maintain BUY with a reduced TP of Rs 172/Sh.