Given the backward integrated operations, leadership in IML packaging, increasing share of F&F (high margin) segment and contribution from the new facilities, MTEP is capable to capitalize the opportunities offered by different segments. During Q4FY19, contribution from F&F stands at 24% (supported by execution of Mondelez order, edible oil pack, etc) and is expected to grow further, given the strong order book. We have revised our estimates for FY20E to Rs14 (earlier Rs13.1) and introducing FY21E with an estimates of Rs16.6. We reiterate BUY rating, with a revised target price of Rs299 (earlier Rs260), as we roll forwards our valuation multiple (18x) to FY21E earnings. At CMP, the stock is trading at 17.9x/15.1x FY20E/FY21E earnings.