We continue to like Star for its leadership positioning in the lucrative NE region, which will further enhance as Star ramps-up clinker capacity in NE region. Star's superior op margin should gain from increased local coal availability and cost reduction from upcoming WHRS. Star currently trades at a mere 7.1/7.1x FY21/22E EBITDA (EV of USD 125/MT). Maintain BUY with a revised TP of Rs 135. We maintain BUY on Star Cement with a TP of Rs 135 (10x Sep21E consol EBITDA), implying EV of USD 176/MT