We reiterate BUY as (1) Vol growth is expected in mid-teens with the commissioning of the DFC. We are building in 14/18% growth in volumes over FY21/22E (2) Margins have been resilient amidst a weak macro and (3) Any developments on privatization will improve valuations. Key risk: Any increase in charges by Indian railways. CONCOR has sustained operating margin at a healthy 24.5% (flat QoQ) despite a sluggish demand environment. The operator will receive DFC compliant 25T axle load wagons from 3QFY20 onwards. We reiterate that it will be a key beneficiary of the DFC. Maintain BUY with a revised TP of Rs 645 (at 24x Sep-21 EPS).