Nalco's (NACL) 2QFY21 higher-than-expected EBITDA at INR2.8b (v/s est. INR2.2b) and volumes were a surprise once again. EBITDA continues to strengthen due to LME recovery and lower input commodity costs. We raise our FY21/FY22E EBITDA estimates by 36%/28% to factor in the recovery in LME prices. Maintain Buy....