We believe strong fundamentals attract premium valuation. We value TRCL at 12x FY22 EV/EBITDA and arrive at a target of Rs840, recommend Accumulate. Corporate tax cut to revive capex cycle...boost demand The Indian cement industry has been facing a demand-supply mismatch since FY11 due to over-supply and demand slowdown. Capacity utilisation declined to ~65% in FY17-FY18 but sharply improved to 72% in FY19 due to strong improvement in demand. Demand grew 13.6% in FY19 against supply growth of ~3%. However, many companies have announced capacity additions recently, ~58MT is expected over next two years Vs ~40MT in the last two years. We expect utilisation to come down to ~70% in FY20 and then improve to 72% in...