We retain NEUTRAL rating with an SOTP based TP of Rs 20,000 (Standalone cement/power biz at 15/5x Sep-21E EBITDA and Gulf assets at 1x BV). The stock currently trades at 14.7/13.5x FY21/22E EBITDA and EV of USD 200/MT. Despite ascribing premium valuation to the cement biz for its industry leading growth andreturn ratios, the stock price offers a limited upside. We retain NEUTRAL on Shree Cement (SRCM) with TP of Rs 20,000. Our TP implies cement EV of USD 215/MT.