group company has intensified competition in the paints sector, leading to sectoral deratingcould act as a trigger for a similar derating in the W&C sector. As a result, we have downward revised our target multiple for W&C companies under our coverage, KEI/Polycab reduced from 45x to 40x, with revised TP of Rs 4,280 (Rs 5,041 earlier)/Rs 7,152 (Rs 8,233) and RR Kabel reduced from 31x to 27x, with revised TP of Rs 1,292 (Rs 1,812 earlier). UltraTech's planned capex of Rs 18bn appears significant for the W&C sector, where the combined average capex of the five listed players is estimated to be...