Completion of phase-I expansion to fuel growth The entire 4.2 MT has been commissioned this fiscal. The newly added capacities include 1 MT grinding unit (GU) each in Nimbahara and Mangrol along with 2.6 MT clinker plant and 1.5 MT GU in Aligarh and 0.7 MT GU in Gujarat (Balasinor). Hence, despite a challenging FY21E, the company is likely to report volume growth of 14% to 11.1MT. For FY20-23E, we expect volume and revenue CAGR of 12.1% and 12.5%, respectively. Phase-II expansion in MP to add another 4 MT capacity...