We expect the company to register Revenue/Ebitda/APAT CAGR of 8%/15%/23% from FY20-FY23E driven by volume CAGR of 6% and consistent realisation improvement of 2% CAGR over FY20-23E. We value BCL at 5x FY22E EV/EBITDA to arrive at TP of Rs.740 an upside of 14% from the current level.