Valuation and risks: We value RMT at an average of 20x Sept'22 PE and 12x Sept'22 EV/EBITDA (10% premium to its FY16-20 average 1-year forward multiple) to arrive at TP of Rs1,420. Despite lowering our FY21E and FY22E estimates to account for lower sales volumes, the cash accumulation (due to working capital release in 1HFY21) aids in maintaining our older target price. Key risks: Steel pipe demand slowdown due to the pandemic, delayed payments from EPC contractors...