Valuation: Long trek to back normalcy, downgrade to Hold: We lowered our earnings estimates FY2021E/FY2022E due to a challenging environment in the view of COVID-19 and an anticipated delay in return of normalcy in multiplex business. However, in the long term, we remain positive on the stock, given its strong balance sheet (net debt free) and potential for healthy earnings growth considering India's movie-goers appetite for movies. The stock of ILL has moved up around 60% from its lows over one month and trading at 15x FY2022E earnings. We reduce our target multiples given multiple headwinds...