Due to the uncertainty in the time frame regarding he narrowing of demand and supply, we have factored in realization (near to the realizations seen over FY14-15) and volume growth on a conservative basis (~4% in the period FY19-21E). Thesubsidy and GST credit benefits continue to keep the bottomline in a safety zone inthe current scenario. The stock trades at a 1 year forward P/E of 6.6x. On the back of low growth and return ratios expectation, we value the stock at a P/E 5x (above average -1sd (3.5x) over the last 5 years) on FY21E EPS of Rs. 8.1 and arrive at a target price of Rs. 41. Key risks are faster than anticipated pickup in demand and softening of cotton prices.