along with ACEM supported the margin trajectory. We have revised CY20/21E EBITDA estimate up by 9%/10% (exhibit 10). We have introduced CY22E, and on an unchanged EV/EBITDA multiple of 10x, retain BUY rating with revised TP of Rs1,879 (earlier 1,687). Company has net cash of Rs47bn which provides it with cushion to increase the...