JKCE continues to gain market share, with volumes up 46% YoY in 4QFY21, led by ~40% capacity expansion. We expect this to continue over the next 4-5 years as it is now setting up a greenfield 4mtpa plant (commissioning by 1QFY24) in Central India. This plant should improve the regional mix to ~85% in North and Central India. We keep our estimates broadly unchanged and reiterate Buy on a 16% EPS CAGR over FY21-23E, driven by a 12% volume CAGR....