Over four years i.e. FY16-19, Sagar Cements registered volume growth of 21% CAGR led by strong demand in its major markets and capacity addition. This was led by AP, Telangana region witnessing 40% growth in the recent times, which, however, is expected to slow down given the high base. Hence, considering the ramping up of the Vizag unit, the company via sales in the eastern region, we model in volume CAGR of 8.5% in FY19-21E to 3.9 MT. The capacity expansion in Madhya Pradesh and Odisha of 2.5 MT, which the company has undertaken would add to volumes only from FY22E...