Valuation: We believe, the company is well positioned with the expanded capacity for 2W & 4W, and newly established tubular battery plant which will aid in fulfilling the demand from inverter, e-rickshaw and solar market segments. This would help ARBL to gain market share across all segments. We expect revenue/earnings to grow at a CAGR of ~35%/51% over FY17p19e. The stock trades at 26.1x/20.4x of FY18e/FY19e. We maintain our BUY rating with a price target of 1,055. (25x on FY19e EPS, 22% upside)....