Mahindra CIE (MCIE) is among the top global forging players with a strong presence in both Europe and India. Currently 2/3 of the revenue comes from Europe (split btw CV's & PV's) while rest from India (PVs). Diversified product portfolio, broad based customer profile and strong geographical presence establish MCIE a preferred choice for the OEMs. Scaling up new product line to drive growth in two wheeler business will paint positive outlook to the company. We expect EBITDA margin to improve by 350bps over CY16-18E led by...