We reiterate BUY on UTCEM with a higher TP of Rs 5,600 (15x its Sep-21E EBITDA, implying EV of USD 220/MT). In our view, UTCEM deserves premium valuations for its capacity & cost leadership and balance sheet discipline. The stock currently trades at 13.3x/11.9x FY21/22E consol EBITDA and at an EV of USD 192/179 per MT. We reiterate BUY on UTCEM with a TP of Rs 5,600 (15x its Sep-21E EBITDA, implying EV of USD 220/MT).