Valuation and view: We cut our core E&C EPS estimate by 7%/5% for FY20/21 on account of lower EBITDA margin assumption and reduced other income in the light of the MindTree acquisition. Consolidated EPS cut is limited to 2%/1.6%. We include MindTree stake in our SOTP valuation (20% discount to current market cap, in line with our methodology for other listed subsidiaries). We continue valuing LT’s core E&C business at FY21E target multiple of 22x. Accounting for the current market price of listed subsidiaries, our TP stands at INR1,790 (prior: INR1,850). Maintain Buy.