We expect the company to register Revenue/EBITDA/APAT CAGR of 8%/18%/24% from FY20-FY23E driven by volume CAGR of 8% and consistent realisation improvement of 1.5% each over FY22E-23E. We value JKCL at 10.5x FY22E EV/EBITDA to arrive at TP of Rs.2150