The legacy business should continue to grow at a slower pace given that investments are flowing into the CRAMS BU. The deferment of campaigns in CRAMS BU raises concerns about lower utilisation. We thus cut our EPS estimates for FY20/21E by 6.5/5.5% to Rs 35.5/40.6. We maintain BUY on NFIL after an in-line 4QFY19 with a TP of Rs 812 (20x FY21E EPS). Investments for the last 7 years have led the CRAMS BU to grow at a CAGR of 52.8% but the earnings outlook remains unpredictable. Growth in the refrigerant gas BU is expected to be muted given the 15% production cut under the Montreal protocol. Hence, we think that NFIL is treading on thin ice.