We reiterate BUY with a higher TP of Rs 1,654, valuing it at 10x Sep'21E consol EBITDA (in-line its 5-yr mean multiple). We like the co for its increased presence in the robust north market (grey biz) and for its steady growth in the white/putty segment. Its balance sheet remains under control (net Debt/EBITDA at ~2x in FY21-22), despite its large capacity increase across both grey cement (+40% to 14.7mn MT) and putty (+33% to 1.2 mn MT) by FY21E. We reiterate BUY on JK Cement (JKCE) with a TP of Rs 1,654 (10x its consol Sep21E EBITDA: EV/MT of USD 120).