We like Ramco Cements for its strong distribution (driving its industry leading volume growth), healthy profitability metrics (despite turbulent south markets) and balance sheet prudence. Thus, we continue to ascribe it premium valuation multiple of 13x Sep'21E EBITDA. Out TP is revised down to Rs 790 on earnings downgrade. Our TP implies EV of USD 149/MT. Ramco currently trades at 15/12.1x FY21/22E EBITDA and at an EV of ~USD 159/MT. We downgrade our rating to Neutral amid rich valuations. We downgrade Ramco Cements rating to Neutral with a revised TP of Rs 790 (13x Sep21E EBITDA). Our TP implies EV/MT of USD 149/MT.