We initiate on Tata Metaliks (TML), a premier pipe manufacturing company, with a TP of Rs680 (~38% upside) and BUY. In what appears as many stars being aligned, the doubling of its high margin Ductile iron (DI) pipe capacity which comes just on the cusp of expanding demand from government schemes like Jal Jeevan Mission, is a force multiplier that facilitates potential of massive ~500bps market share gains, structurally enriches its EBITDA/t profile, and partially offsets commodity price risk of the pig iron (PI) business. Additional impetus to productivity will come from cost-saving...