We forecast EPS growth of 10.4% CAGR over FY21-23F, RoE of 23% (FY23F) and balance sheet gearing to fall from 0.36x in FY20 to -0.04x in FY23F. We expect crop protection chemicals (CPC) to drive near-term growth. We forecast CPC revenue growth at 15% CAGR over FY21-23F. We value CIL at long-term mean valuation of 15.61x FY23F EPS. We initiate coverage with an Add rating and TP of Rs871.