We raise our TP to Rs305 (previously 290) and maintain ACCUMULATE rating on Kirloskar Ferrous Industries Ltd. (KFIL). We remain positive on KFIL's long term goal of growth and large cost savings (backward integration) but a very steep rally in recent past limits our upside in short term. A large project pipeline which includes commissioning of iron ore mine, phase 2 of coke oven & WHRP and PCI will result in combined savings of Rs3bn over next 3 years, offsetting fall in pig iron (PI) spreads. Further, strong volume growth will keep the balance sheet lean (despite heavy capital expenditure) and return ratios above 20%;...