We remain constructive on AACL owing to healthy product demand from the Pharma/Agro industries, impending capacity expansion for multiple products and rising market share in Methyl Amines. Owing to better (1) Margin profile (EBITDA margin of 22-25% in FY20-22E vs ~19% for Balaji amines), (2) Return ratio (RoE of 38.5/29.8/25.4 in FY20/21/22E vs 16.1/15.1/13.5% for Balaji amines), we ascribe a valuation multiple of 22x Dec-21 EPS to Alkyl amines as against 13x for Balaji Amines. AACL beat our EBITDA/APAT estimates by 29.1/55.5% in Q3FY20. We bump-up our FY20 EBITDA estimate by 25.1% to factor in the 9MFY20 performance. We maintain BUY with a revised TP of Rs 1,840 (22x Dec-FY21 EPS).