We estimate SRCM's margins to firm up to ~Rs 1,200/MT during FY20-21 (from Rs 1,000/MT in FY19), while it continues to deliver industry leading 10%+ volume CAGR. Lean capital employed further ensures sustenance of healthy return ratios. We retain NEUTRAL rating with SOTP based TP of Rs 19,040, as robust outlook is priced in. We retain NEUTRAL rating with TP of Rs 19,040 (SOTP based: Cement/power businesses at 15/5x FY21 EBITDA, and its UAE subsidiary - Union Cement - at 1x acquisition cost). Our TP implies cement EV/MT of USD 213/MT.