Valuation view: After an all-round performance in 1QFY19, the outlook remains favorable, with businesses like specialty chemicals (which have been muted so far) expected to start recovering. Considering the improved traction in Chemicals and packaging, we increase our revenue and EBITDA estimate for FY19/20 by 7%/5% each. However, with aggressive capex, newly commissioned plants and higher depreciation arising out of it, we believe that profitability would remain contained. We, thus, keep our earnings estimate unchanged – revenue/PAT CAGR of 17%/29% over FY18- 20. The stock has traded at 14x one-year forward P/E over the last five years – with a much improved outlook and a robust expected RoE of 17.6% in FY20, we believe that valuation of 17x FY20E EPS is justified. Maintain Buy with a target price of INR2,225 (20% upside).