Though the real magnitude of outbreak and economy lockdown is difficult to assess, there may be some near term impact. However, the management has guided that as of now not much impact is seen on execution and overall margins for FY21E but there may be some impact on order inflows as few projects may get deferred. Overall, strong balance sheet, zero debt, strong order book, growth visibility and higher cash per share (~| 41/share) would augur well for EIL in this challenging time. However, strict WC management would be a key for revival in long term. We expect revenue, EBITDA CAGR of 7.9%, 8.7%, respectively, in FY20-22E. We revise our target price to | 80 per share (10.5x on FY22E EPS) and revise our rating from REDUCE to BUY.