We are upgrading MRCO from Reduce to Accumulate following 4.6-7.1% upgrade in earnings from a lower (10-12%) than consensus average. We have not been die-hard fans of MRCO's strategy and have been critical of lack of success beyond Parachute, VAHO and Saffola as also failed acquisitions over years. We believe that MRCO is cognizant of these problems and is taking steps on pricing, distribution, urban GT, new channels, rural expansion and cost optimization the benefits of which will be visible from 2HFY21. Copra prices have bottomed out while benign input costs for VAHO should come in...