JK Tyre is a leveraged company with absolute debt at ~| 5,400 crore as of FY20E with resultant debt: equity at 2.2x. Going forward, with limited capex plans and operating leverage benefits under way, we expect JKTIL to retire debt with resultant debt: equity expected at 1.4x as of FY22E. However, we await improved financials amid prolonged slowdown in the domestic CV space. We maintain our HOLD rating on the stock with a target price of | 85...