We maintain our TP of Rs190 and re-iterate BUY rating on Kirloskar Ferrous Industries Ltd. (KFIL). With commissioning of VSL steel pig iron plant (by end of Feb'21), up-gradation of MBF2 & PCI and phase II of coke oven-power plant, we expect strong growth in revenues and sustainable cost savings over FY20-23E which will keep earnings elevated even in a steel down-cycle scenario. A combination of robust pig iron spreads, strong castings demand and structural cost saving initiatives led to record quarterly profit in 3QFY21. We...