We cut our EBITDA estimates by 17%/12% for FY27E/28E, factoring in higher costs. Considering the company's lower-than-industry profitability profile and elevated debt (Net debt/EBITDA at 3x in FY28E), we see limited room for valuation re-rating. We also downgrade our rating to HOLD on Sagar Cement with a revised target price of Rs 185 (based on 7x EV/EBITDA...