Valuation and rating: We value RMT at an average of 26x Sept'23 PE and 16x Sept'23 EV/EBITDA to arrive at TP of Rs2,500 (Rs2,550 previously) and maintain BUY rating. Decrease in TP is due to downward revision of FY22/FY23 estimates. We have lowered both SS pipe and CS pipe sales estimates for FY22/FY23E, assumed higher realisation in 2HFY22 and also accounted the capital expenditure for modification of SS pipe plant....