INOX rewards' has already on boarded ~4mn subscribers. INOL has maintained its FY20 target to add 70 screens (YTD it has added 40 screens on net basis and 46 on gross basis). We now forecast addition of 70 screens for FY20 vs. 65 screens earlier and maintain addition of 70 screens in FY21. We fine-tune our FY20/21 forecast. We now forecast revenue/EBITDA CAGR of 17%/20.2% over FY19-21E. Given the uptick in the stock we now recommend HOLD (vs. BUY earlier) with new TP of Rs433 (Rs422 earlier) based on EV/EBITDA of 10x FY21E. Key Highlights and Investment Rationale...