We raise our TP to Rs290 and move to ACCUMULATE rating on Kirloskar Ferrous Industries Ltd. (KFIL). We expect earnings to stay robust in FY22E due to full ramp up of VSL steel plant, strong pig iron spreads and further hikes in casting realisation. A large project pipeline which includes commissioning of iron ore mine, phase 2 of coke oven & WHRP and PCI will result in savings of Rs3bn over next 3 years, offsetting fall in pig iron spreads, if any. Strong earnings will keep the balance sheet lean (deleveraging to start from FY23E) despite...