KSCL's reported a weak operating performance in 2QFY22, despite a 10% surge in revenue on account of higher input cost and other expenses. EBITDA/PAT was below our estimate. Factoring in its 2QFY22 performance, we decrease our FY22E/FY23E earnings estimate by 8%/7% due to higher RM prices. We value the stock at 12x FY23E EPS to arrive at our TP of INR630. We maintain our Buy rating....