Given the newly signed long term contracts in the CRAMS BU at Dewas and a growing customer base (Europe now accounts for 50% of order book vs erstwhile 100% from US), we have better earnings visibility for NFIL's high margin CRAMS BU. Hence, we raise our FY21/FY22 EPS estimates by 13.3/13.5% to Rs 46.8/51.8. Post announcement of Rs 4.50bn of capex for Greenfield project at Dahej on Dec 12th, the stock has already surged 35.8%, pricing in the key positives. Our revised TP comes to Rs 1,011 (20x Dec-21E EPS). Maintain SELL. We retain our SELL rating on NFIL as the CMP already bakes in the (1) Earnings visibility from the CRAMS BU, and (2) Earnings potential of the Greenfield project at Dahej. The stock is currently trading at 25.5/22.9x FY21/22E EPS, which is contextually high, given the return ratios of RoE 16.2/18.3/17.9% and RoIC 23.0/23.2/21.0% in FY20E/21E/22E.