High intrinsic profitability (RoIC 20%+), market share gains in Methyl Amines, and a prudent management make AACL an attractive bet at 13.6/11.6 FY21/22E EPS. While margins may remain flat as Methyl Amines share in the mix rises, fresh capacities of Amine Derivatives will help them recover. We value AACL at 22x Jun-21E EPS and maintain BUY with a TP of Rs 1,369. Post a blowout (but unsustainable) performance in 1QFY20, we maintain faith in Alkyl Amines owing to the upcoming expansion in Methyl Amines. Maintain BUY