Maintain BUY with a TP of Rs 1225. We hosted the management of SML Isuzu (SMLI) for a series of investor meetings. We believe that SMLIs growth ahead will be based on (1) Strong brand equity in the school bus segment and debottlenecking of capacity in the peak season, (2) increase in capacity utilisation led by expanding presence in the cargo segment, (3) Technology support from Isuzu Motors (which owns 15% stake in the company), (4) Expanding the product and distribution network, (5) Improvement in margins led by operating leverage.