JKLC currently trades at 7x 1Yr Fwd EV/EBITDA (3Yr Avg=7.4x). We value at 5.5x FY24E EV/EBITDA considering current margin pressure. Volumes impacted by transport strike in East region JKLC reported flat growth in Q3FY22 on YoY basis due to 9%YoY de-growth in volumes impacted by transport strike in East region (~18 days impact) and unseasonal rains while realisation grew by ~10%YoY. Value added products including RMC revenue was at Rs.100cr (Vs. Rs.92cr QoQ) and JKLC is targeting ~Rs.500cr in the coming years. Management expects 8-9% volume growth in FY23. GoI's strong focus on infra &...