We continue to like Star for its leadership positioning in the lucrative NE region (best EBITDA margins) will further rise (on-going expansions). Star's industry leading margins should gain from increased local coal availability and cost reduction from upcoming WHRS. Thus, Star should sustain its industry leading profitability/ return ratios, while retaining a net cash balance sheet. Star currently trades at a mere 6.6x FY21E EBITDA (EV of USD 117/MT). Maintain BUY with a TP of Rs 140 (10x consol FY21E EBITDA). We maintain BUY on Star Cement with a TP of Rs 140 (10x FY21 consol EBITDA), implying EV of USD 177/MT.