With raw material prices cooling off, supply chain issues fading and returning back to normalcy along with improving demand outlook bodes well for the company in the medium term. Also, with completion of capex the company is set to increase utilisation levels in the coming quarter which should aid in improving margins. The company's net debt levels are also comfortable and is on a declining path. We believe ICIL is well placed to capture opportunity on the back of healthy balance sheet, financial prudence, and focused approach. We have updated our estimates on the company and maintain our BUY rating on the stock with a revised target price of ₹250 per share.