We estimate ACC to deliver 10/16% EBITDA/PAT CAGR during CY18-21E. Given ACC's healthy cash flow and RoE, and its major expansion plans (20% capacity increase by end CY21E/early CY21E), current valuation (of 8.8/8.2x its CY20/21E EBITDA, EV/T of USD 115) looks inexpensive. We reiterate BUY with a TP of Rs 1,940 (ascribing 11x to its Jun-21E EBITDA and 0.5x to its CY20E CWIP). Key risks: Sharp roll back in cement prices, continued demand sluggishness, rebound in energy costs. We reiterate BUY on ACC with TP of Rs 1,940 (11x its Jun-21E consolidated EBITDA and 0.5x its CY20E CWIP). ACC delivered strong performance in 3QCY19, aided by both pricing and cost tailwinds despite subdued demand.