We initiate on Kirloskar Ferrous Industries Ltd (KFIL), a proxy play on the booming tractor and steel industry, with a TP of Rs190 (~36% upside) and BUY. After drastic improvement in the castings business with reduction in rejections, addition of ten new customers and increase in high-margin machined casting sales, KFIL's casting business is all set to witness enormous growth in profitability supported by favourable demand drivers for tractorled castings. Cost-saving projects like pulverised coal injection (PCI), coke oven, captive iron ore and power will structurally elevate its margin profile,...