View: Robust performance led by strong realization; Buy JKCE posted a strong set of numbers with 19%/ 101.8%/ 211.8% YoY growth in revenue/ EBITDA/ APAT to `11.3 bn/ `3 bn/ `1.5 bn in Q2FY20 driven by strong 19.4% YoY/ 11% QoQ blended realization growth. We expect 15.1/ 20.3%/ 15.9% revenue/ EBITDA/ APAT CAGR over FY19-21E led by 8.9%/ 12.3% blended volume growth and 6.5%/ 1.8% blended cement realization growth in FY20E/ FY21E. We like JKCE because of its sizable presence in higher EBITDA margin (25-28%) contributing white...