BSL is well-positioned to capitalise on its brand and distribution strengths, to venture into other product categories like water coolers/ purifiers, air coolers/ purifiers. The base product (ACs) is expected to grow at ~20% over the next three to four years, by when other product categories would also mature. We expect a revenue/PAT CAGR of ~17%/45% respectively over FY17-19E, based on which we arrive at a FV of Rs 634/share