We estimate ACC to deliver 13/17% EBITDA/PAT CAGR during CY18-20E. Given ACC's healthy cash flow and RoE, and its firming up major expansion plans (20% capacity increase by end CY21E/early CY21E), current valuation (of 9.3x/8.8x its CY20/21E EBITDA, EV/T of USD 120) is inexpensive. We reiterate BUY with a TP of Rs1,930 (ascribing 11x to its Jun-21E EBITDA and 0.5x to its CY20E CWIP). Key risks: Sharp roll back in cement prices, rebound in energy costs (crude led). We reiterate BUY on ACC with TP of Rs 1,930 (11x its Jun-21E consolidated EBITDA and 0.5x its CY20E CWIP).