We like VO for its (1) Impeccable product selection (2) High market share globally (3) Best in class return ratios and earnings trajectory. However, in the absence of new product pipeline, we believe current valuations are contextually high at 31.1/26.1x FY21/22E PER. Our TP of Rs 2,040/share is based on a 25x Dec-21E EPS. We downgrade VO to NEUTRAL post an underwhelming performance in 3QFY20. Given a demand slowdown for the high margin ATBS and resultantly lower realizations, we cut our EPS estimates for FY21/22E by 13.5/12.6%.