For EIL, we build 16.9%, 11.1% sales, PAT CAGR in FY21P-23E. Valuations for EIL remain fairly reasonable but fresh demand concerns and expected margin pressures prompt us to downgrade the stock from BUY to HOLD. We assign a revised SOTP-based target price of | 200 (earlier | 225). We await contours of the PLI scheme for advance cell chemistry (| 18,000 crore...