We expect revenue CAGR at 12% and PAT CAGR at 23% over FY17-FY19E. This is owing to growth in the domestic automotive sector, incremental revenue from the Defence, Aerospace and Railway segments (aggregate ~Rs 600mn by FY19E) and a revival in exports. We assign a BUY rating to the stock, with a target price of Rs 161 (22x FY19E EPS).