INDIA l Institutional Research l Metals l 4th October 2021 Kirloskar Ferrous Industries Ltd. l BUY l TP: 360 Plant Visit The Unsung Champion We raise our TP to Rs360 (previously Rs305) and upgrade the rating to BUY for Kirloskar Ferrous Industries Ltd. (KFIL). The upgrade stems from a better understanding of KFIL's leadership position in the casting business (mainly from our plant visit), which is very much comparable to an auto ancillary business and therefore deserves higher valuations than a commodity producer. We also learned...