CRS has remained very selective in project business which has yielded positive results in form of working capital improvement during Q1FY20. In quest of higher volume growth, management is not willing to sacrifice the EBITDA margins & also not extending credit terms to channel partners. CRS would be focusing on profitable growth & cash conversion cycle through better control over working capital. We trim FY20E/FY21E earnings estimates by 9%/10% to factor in slower growth from SW & tiles segments in 1HFY20. With price hikes taken in both SW and FW in May’19, we expect near-term EBITDAM to remain stable. We expect CRS to deliver 14% earning CAGR over FY19-21E with 17%+ Core ROICs. We maintain ‘BUY’ rating with TP of Rs2,801 at 25x FY21 EPS.