ORMCNT, already a cost leader among mid size Indian cement cos, is planning to add WHRS across its Telangana and Karnataka plants by FY21E to further drive up efficiencies. Thereafter, ORCMNT hopes to commence brown-field expansions (potentially 6 MT by FY25E, across locations). This will be calibrated in line with OCF, which translates to leverage hovering around ~1x. With better operations and calibrated capex, RoCE should double to 10% in FY19-20E (vs 5% in FY18-19). We estimate EBITDA/PAT to rebound at 29/105% CAGR during FY19-21E off a weak base, driven by pricing and cost tailwinds. Our TP jumps to Rs 140 (at an affordable 8x FY21E EBITDA). Upgrade to BUY from NEUTRAL. Key risks include weak cement pricing, higher fuel prices and reckless capex (all of which look unlikely hereon). Orient Cement (ORCMNT) becomes a conviction BUY from NEUTRAL (in our 4QFY19 preview), with a TP of Rs 140 (at a mere 8x FY21E EBITDA). A robust comeback in Q4, continued realization and cost tailwinds and calibrated capex outlook drive our rediscovered confidence.