The stock currently trades at 21.7x FY19e EPS of Rs 11.94 and 15.6x FY20e EPS of Rs 16.58. No meager gains in earnings next fiscal awaits for Deepak Phenolics aims to vociferously boost output of phenol & acetone, thus unrelentingly reducing dependence on imports. Despite improved product mix, Deepak's basic chemicals business would scarcely escape volatility in global crude oil prices. Despite depreciation of rupee last fiscal, DNL's exports grew by just 9% last fiscal. Yet sturdier utilization of productive assets would barely stymie return on capital and asset turnover ratios. On balance we maintain our buyrating on the stock with revised target of Rs 332 (previous target: Rs 295) based on 20x FY20e earnings.