We revise our TP (SoTP based) downwards to Rs 490/share from Rs 510, (11% upside on the CMP). We maintain our BUY rating on the stock and value it using a 12MF EV/EBITDA multiple of 5.0x for Indian business and 6.0x (from 6.5x) for the Novelis operations on FY24 EBITDA estimates.