CEAT's 3QFY21 stellar performance was driven by strong volume growth and lower than estimated RM cost inflation. Strong demand is expected to enable pass-through of RM cost inflation, help utilize recent capacity additions, drive FCF generation, and deleverage the Balance Sheet. We upgrade our FY21E/FY22E EPS by ~21%/14% to factor in expected increase in volume growth and price hikes. We see catalysts in the form of strong demand and robust margin to rollback underperformance in the stock in FY21 YTD. Maintain Buy....