We maintain Accumulate rating but raise TP to Rs1,830 due to increase in FY22/FY23 EPS, increase in valuation multiple and roll over of valuations to FY23 estimates. Higher multiple is attributed to continuous recovery in Carbon Steel (CS) pipe orders, clarity on revival of Stainless Steel (SS) pipe orders and new demand drivers for SS pipes as we believe RMT will be foremost beneficiary of any revival in spending from refineries. Pandemic related weakness in order booking led to ~55% YoY drop in CS pipe sales impacting revenues in...