We trim our EBITDA est for CY20/21E by 9/1% each factoring in weak pricing impact. Despite weak pricing, we expect ACC's margin to sustain at ~Rs 800/MT levels driven by energy cost tailwinds. The upcoming expansions of 6mn MT in central and east markets will drive volume growth CY22 onwards. Our EBITDA est for ~5% lower CY20/21E are We maintain BUY with a TP of Rs 1780 (10x CY21E EBITDA), implying EV of USD 140/MT. We continue to apply 20% discount to its 5-yr mean, for ACC's significant delays in expansions and subsequent continued market share loss. We maintain BUY on ACC with a revised TP of Rs 1,780 (11x its CY21E consolidated EBITDA, implying EV of USD 140/MT). While ACC closed CY19 with subdued 4QCY19 performance in the cement segment, working capital release boosted its CY19 OCF to a decade high!