We broadly maintain our FY21E/ FY22E estimates factoring H1FY21 results. We introduce FY23E estimates. JKIL's stable revenue growth (11.8% CAGR over FY20-23E) and EBITDA margin of 12.3%/ 14.0%/ 14.0% in FY21E/ FY22E/ FY23E will lead to healthy CAGR of 9.5% in its bottom line over FY20-23E. We, therefore, expect the RoCE and RoE to...