We reiterate BUY with a TP of Rs1,162 (10x FY21 consol EBITDA). Our TP implies EV/MT of USD 92. We continue to like JKCE owing to its large exposure to the lucrative white/putty business (55% of consol EBITDA) and JKCEs expanding grey cement capacity in the strong pricing north/central markets. Healthy cash generation should keep net D/E to remain at/below 1x and net debt/EBITDA below 3x despite ongoing expansions, in our view. We reiterate BUY with a TP of Rs1,162 (10x FY21 consol EBITDA). Our TP implies EV/MT of USD 92.