We believe TMX is well placed to capitalize on reviving economic activities in the long run given its 1) strong balance sheet, 2) prudent working capital management and 3) continuity in order inflow with strong tender pipeline. The stock is currently trading at 42.3x/33.2x FY22/FY23E. We maintain Accumulate' rating on stock with TP of Rs1,559 (same as earlier)....