We like TRCL for its strong distribution (continued volume momentum), robust profitability metrics and prudent balance sheet. Thus, we continue to ascribe it premium valuations. We maintain BUY with a TP of Rs 880 (13x Sep'21E EBITDA, implying EV USD 179/MT. It currently trades at 12.6/10.9x FY21/22E EBITDA (EV ~USD 163/MT). We retain BUY rating with TP of Rs 880 (13x Sep21E EBITDA). Our TP implies EV/MT of USD 179/MT.