Barring near-term uncertainty, demand outlook is positive in the longterm, given GoI's strong focus on infra & housing. Currently DBL trades at 1Yr Fwd EV/EBITDA of 12.5x, we value at 12x FY23E EV/EBITDA. Volumes growth on a low base and strong realisation maintains DBL reported revenue growth of 31%YoY mainly aided by strong volume growth of 34%YoY supported by low base (-20% in Q1FY21) and strong realisation (+4% YoY), but de-grew by 21%QoQ impacted by second wave. The ongoing capacity expansion and the ramp up in recent acquisitions will support future volume growth. Out of the ~8MT ongoing expansion, 3.2MT has already been completed, 2.2MT by next month...