ACC's Q4CY20 Adj. EBITDA is 7% lower than our estimate. Volume in the quarter has declined by 1% YoY and adjusted EBITDA/t stood at Rs908 (vs Rs1033/t QoQ). Cash in the books remains strong at Rs58bn (18% of Mkt Cap) and company has announced dividend of Rs14/sh in CY20, which is same as CY19. Due to lack of capacity addition, ACC has lost market share in the last 3-4 years. And company plans to correct this with addition of 5.4mtpa over CY21, CY22. In CY21/22E we factor volume to increase by 19%/3% YoY and EBITDA/t of Rs955/952 respectively. We maintain our estimate and TP...