We have revised upwards our earnings estimates of Sintex for FY2011 and FY2012 by 8.0% and 8.6%, respectively. At Rs 167, the stock of Sintex is trading at 8.1x FY2012E EPS and 1.7x FY2012E BV. Historically, Sintex has traded at 14x its 1-year fwd. avg. P/E, which makes current valuations attractive. Besides, Sintex’s fundamentals have strengthened with strong revenue visibility and demand in the domestic plastic segment. We maintain Buy Sintex with a target price of Rs 229
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