The legacy business should continue to grow at a slower pace as investments are largely flowing into CRAMS and Specialty chemicals. New orders in CRAMS give earnings visibility. The specialty business is also demonstrating robust traction. Both these BUs will boost margins. Maintain BUY with a TP of Rs 870 (20x Sep-21E EPS). We maintain BUY on NFIL post a beat on our estimated EBITDA owing to strong growth in the specialty chemicals business unit (BU). Our confidence in NFIL is further boosted as CRAMS BU exhibits clearer earnings visibility.