We forecast RPL to report healthy top-line CAGR of
~13% over FY17-20E on the back of healthy demand in printing & writing paper
and kraft paper segments. On the bottom-line front, we estimate ~16% CAGR
over FY17-20E owing to strong improvement in operating performance. Further,
enhanced manufacturing efficiencies and benefits from increasing global finished
paper prices would aid margins. We maintain our Buy recommendation on the
stock with a target price of `244 (11x FY2020E EPS).

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