Despite near term weakness, we continue to like DCL for its strong focus on remunerative pricing and cost reduction measures. We expect demand revival in FY21E to further aid earnings recovery. Thus, we value the co at 5.7x Sep'21E EBITDA (in-line its 5-yr mean multiple). Maintain BUY with TP Rs 500/share (implies EV of USD 47/MT). DCL currently trades at an extremely low val of 2.7/3.3x FY21/22E EBITDA and EV of USD 25/MT. We maintain BUY with TP Rs 500 (5.7x its Sep21E EBITDA). In 3QFY20, DCL posted weak results (in-line EBITDA), hit by sharp demand contraction in AP/T markets (short term pain in our view).