Maintain BUY: Owing to demand and pricing disappointment in 3Q, we trim our EBITDA est for FY20/21/22E by 6/7/2% resp. Thus, we estimate TRCL to deliver 20% EBITDA CAGR during FY19-22E. We remain bullish on TRCL owing to its strong distribution and cost efficiencies, robust profitability metrics and prudent balance sheet. We maintain BUY on the stock with a revised TP of Rs 850 (13x Sep 2021E EBITDA). The stock currently trades at 13.4/10.7x FY21/22E EBITDA and at replacement cost of ~USD 150/MT. We recently hosted Ramco Cements (TRCL) mgmt for a non-deal road-show. The co indicated persisting demand decline across south and east to mute TRCLs volume growth in 2HFY20 (vs +7% in 1H). Even realization is to remain under pressure across south and east (mainly in West Bengal and AP-T). The co remains efficient on opex and fuel cost tailwinds should offset the impact of weak demand YoY.