We maintain our TP (Rs360) and BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). We have marginally increased our earnings for FY22/FY23 to account for higher realisations and higher cost savings from captive mines. Although performance in 2QFY22 was clouded by coking coal and coke cost pressure which will continue for 2-3 quarters, we believe continuous volume rampup in both divisions led by robust demand, capacity expansion and completion of massive cost saving projects in the next 1 year will act as...