Shree Cement (SRCM) reported a strong 3QFY21 result, with EBITDA growing 28% YoY to INR10.9b, led by above-industry volume growth of 15% YoY. While we expect volume growth over the next two years to track the industry at a 10% CAGR, we expect stock underperformance to continue as new capacity additions are slower than anticipated, diluting ROE. We lower our FY21/FY22 EBITDA estimate by 1%/3% and TP by 2% to INR24,300, factoring in higher costs. We maintain Neutral as the current valuation (16x FY22E EV/EBITDA) prices in earnings growth....