The steady-state RoCE of UCC, SRCM's latest target, is unclear. While SRCM's domestic continues to meet our expectations, capital allocation is an area of grey. Moreover, defying the pan-India trend, realizations have been flat. Yet volumes of 5.3mt fail to impress us, given a lower base. With rising pet-coke prices and environmental regulations, the operating profit per ton could be under pressure. Though EBITDA has moved up by a fifth to Rs5.7bn in Q3FY18. We assume the deal goes through. And UCC contributes higher RoCE by FY19. Even then, at the current valuations, assuming de-bottlenecking and inorganic...