We reiterate BUY on UTCEM with a TP of Rs 5,350 (15x its Sep-21E EBITDA, implying EV of USD 210/MT). In our view, UTCEM deserves premium valuations for its capacity & cost leadership and for its balance sheet discipline. The stock currently trades at 12.8/11.5x FY21/21E consol EBITDA and at an EV of USD 170/MT. We recommend BUY on UTCEM with a TP of Rs 5,350 (15x its Sep-21E EBITDA, implying EV of USD 210/MT).