clinker) increased 2% YoY to 1.9mt (in-line), while white cement volumes were up 13% YoY to 0.33mt in 2QFY20. For 2H, we expect sales/EBITDA/PAT to (1) JKCE commissioned a 1mt grey cement grinding unit at Nimbahera and a 2.6mt grey clinker at Mangrol on 29 of cement grinding capacity will be commissioned soon. (2) Total amount JKCEs capacity expansion will reduce its proportion of inefficient assets. The company is expanding its putty capacity by 0.2-0.3mt by Jun20 at a capex of JKCEs capacity expansion will reduce its proportion of inefficient assets. We value JKCE on an SOTP basis (FY21E EV/EBITDA) 10x for white cement, 9x for grey cement and 6x for overseas (Fujairah) to arrive at a target price of INR1,370. We value JKCE on an SOTP basis (FY21E EV/EBITDA) 10x for white cement, 9x for grey cement and 6x for overseas (Fujairah) to arrive at a target price of INR1,370.