We reiterate BUY on UTCEM with a TP of Rs 5,280 (15x its Mar-21E EBITDA, implies EV of USD 218/MT). In our view, UTCEM deserves premium valuations for its capacity & cost leadership and balance sheet discipline. The stock currently trades at 12.3x FY21E consolidated EBITDA and at an EV of USD 179/MT. In 1QFY20, despite weak demand, UltraTech (UTCEM) reported historic high margins, on windfall pricing and benign op cost benefits. We reiterate BUY on UTCEM with a TP of Rs 5,280 (15x FY21E EBITDA).