We estimate ACC to deliver 13/16% EBITDA/PAT CAGR during CY18-20E. Given ACC's healthy cash flow and RoE, and its firming up major expansion plans (20% capacity increase by end CY21E/early CY21E), current valuation (of 9.9x CY20E EBITDA, EV/T of USD 130) is inexpensive. We recommend BUY with a TP of Rs1900 (11x its Mar-21E EBITDA and 0.5x its CY20E CWIP). Key risks: Roll back in cement prices, surge in energy costs (crude led). We recommend BUY on ACC with TP of Rs 1,900 (11x its Mar-21E consolidated EBITDA and 0.5x its CY20E CWIP).