TRCL is prudently expanding its cement capacity by 27% over next two years, funded mainly through its strong internal accruals. While TRCL remains a regional player, we ascribe it premium valuations of 13x EV/EBITDA (for its robust cost and profitability metrics), leading to TP of Rs 800/share (implied EV USD 167/MT). It currently trades at 12.2x FY21E EBITDA and at EV of USD 158/MT. Amid limited upside, we maintain Neutral rating on the stock. We retain NEUTRAL rating with TP of Rs 800 (13x FY21 EBITDA). Our TP implies EV/MT of USD 170/MT.