Strong capacity addition lined up; leverage to remain stable Ramco has a pipeline of 6.2 MT of cement capacity to be commissioned over FY20E and FY21E (refer exhibit 4). During FY20E, 2 MT of capacity in the East (West Bengal, Odisha) and 1 MT in South (Vizag). Rest of the capacities would be coming in FY21E along with 3.75 MT of clinker capacity addition (greenfield and brownfield). These projects would be completed at a cost of ~| 3430 crore out of which | 1200 crore has already been spent in FY19. Over two years, the balance would be spent for which we believe some debt...