JMC delivered robust standalone 2QFY20 performance driven by 85% YoY Infra segment revenue growth. However, Rs 420mn BOT loss funding and debt servicing and further anticipated (Rs 380mn) loss funding during 2HFY20 is a dampener. Order book accretion of Rs 27.5bn YTDFY20E is strong, largely driven by B&F segment. We expect JMC to clock 16.9% revenue CAGR over FY19-21E. High tax rate and interest cost to result in 13.4% muted EPS CAGR. The stock currently trades at 8.8/7.9x FY20/21E Core EPC earnings. We will closely monitor the progress on BOT assets monetization and performance in 2HFY20. Key risks (1) BOT Loss funding and progress on asset monetization (2) Leverage. We maintain BUY on JMC, with a TP of Rs 175/sh (vs Rs 176/sh earlier). During 2QFY20 JMC delivered Rev/EBIDTA/APAT beat of 6/5/20% vs our estimates. We value EPC business at 15x Mar-21 EPS (vs 16x earlier). We have increased our EPS estimates for FY20E/21E by 13.6/17.5% respectively.