We expect MSIL to achieve volume growth of ~11% CAGR over FY18-FY20E with help of new capacity and de-bottle necking at existing plants. We also expect sizable increase in first time buyers from rural revival and government's rural focus. We estimate MSIL to record an EPS of Rs 391.7 on revenues of Rs 1,068.6bn in FY20E. In view of ~22% EPS CAGR, ~21% RoE and market share gain, we expect MSIL to trade to historical up-cycle multiple of ~25x and we have positive...