We believe that there is a risk on FY21E revenue growth due to various challenges related to Coivd-19 outbreak resulting in delay in construction work, labour availability issues, slowdown in capex, etc. We have factored in the impact of Covid-19 in our estimates and reduced our assumption for order inflows, order execution and margins for FY21E and FY22E. Based on this, we have cut our earnings estimates for FY21E and FY22E by 60.5% and 37.5% respectively. Based on FY21E/FY22E revised EPS of Rs 2.1 (vs Rs 5.4)/Rs 3.9 (vs Rs 6.3), the stock is trading at PE of 10.8x/5.8x, respectively. We have maintained BUY on NCC with revised sum of the parts based target price of Rs 32 (vs Rs 69 earlier) valuing the standalone construction business at 7x (Vs 10x earlier) on FY22E EPS to factor in increased risk on earnings growth. Key risk to our estimates and recommendation would come from any worsening impact of Covid-19, delay in payment, slower than expected execution, etc.