We estimate JKLC's EBITDA CAGR of 25% driven by pricing and cost tailwinds during FY19-21E. JKLC's upcoming 20MW CPP in Durg and GU in Cuttak will improve east profitability. Increased profitability along with slower capex pace should keep net D/E at comfortable levels (below 1x). We maintain NEUTRAL rating with TP Rs 378/share, as the stock appears fully valued currently. We retain NEUTRAL rating on JK Lakshmi (JKLC) with SOTP based TP of Rs 378 (Standalone at 8x FY21 EBITDA, its 71% holding in Udaipur Cements at 20% disc and ascribe 50% value to FY21E CWIP). Our TP implies EV/MT of USD 80