We maintain BUY rating and raise TP to Rs2,520 (previously Rs2500). Increase in TP is due to roll forward to valuation on Dec'23 basis. We have reduced margin trajectory and SS pipe offtake for FY22/FY23E to account for adverse product mix. 3QFY22 performance was massive beat on revenues but margins remained subdued due to adverse product mix. We continue to remain positive on the company due to large bid book, foray into water segment and ramp up of the hot extrusion plant which should drive strong order bookings...