We estimate TRCL to deliver 23.8% EBITDA CAGR during FY19-21E. TRCL is prudently expanding its cement capacity by 25% over next two years, funded mainly through its strong internal accruals. While TRCL remains a regional player, we ascribe it premium valuations of 13x EV/EBITDA (for its strong retail presence and robust profitability metrics) on FY21E standalone EBITDA, leading to TP of Rs 800/share (implies EV/MT of USD Rs 170). As the stock is fairly valued, we maintain Neutral rating on the stock. We retain NEUTRAL rating with TP of Rs 800 (13x FY21 EBITDA). Our TP implies EV/MT of USD 170/MT.