ORMCNT, already a cost leader among mid size Indian cement cos, is evaluating WHRS additions to further reduce opex (by FY21E). ORCMNT will also do calibrated capex (all brown-field) to increase its capacity by 6 MT to 14mn MT by FY25E, across its existing locations. Robust earnings and calibrated capex should double ORCMNT's RoCE to 10% in FY19-20E (vs 5% in FY18-19) and keep its net D/E at/below 1x. The stock currently trades at attractive valuations of 6.1x FY21 EBITDA and at EV/MT of USD 61. We reiterate BUY with a TP of Rs 150 (8x FY21E EBITDA). We reiterate BUY on Orient Cement (ORCMNT) with a TP of Rs 150 (8x FY21E EBITDA). ORCMNTs stellar show continued in 1QFY20 on strong realization tailwinds amid benign input costs.