MMF has come out of a heavy capex cycle (~| 480 crore spent in FY18-20), spent on augmenting tonnage and overall capacity. Expected benefits from demand revival in key markets alongside gradual return to erstwhile margin trajectory makes us turn positive on MMF. Accordingly, we value the company at 15x FY23E EPS of | 35.3/share to arrive at a target price of | 530 (revised from | 330 earlier). We upgrade the stock from HOLD to BUY. We have not included the financials of MMF subsidiary i.e. DVS Industries (FY20...