We reiterate BUY on JK Cement with a TP of Rs 1,314 (10x FY21 consolidated EBITDA). JKCE is strengthening its grey cement business through expansions and up-gradation. In white/putty segment, its steady expansions in near duopolistic market (in India) will continue boost profits. We reiterate BUY with a higher TP of Rs 1,314 at 10x its FY21E consolidated EBITDA (implied EV of USD 96/MT). The stock trades at attractive valuations of 8.2x FY21E EBIITDA and at EV of USD 85/MT.