Valuation: At a CMP of Rs. 1,912.1, the company's share is trading at TTM P/E multiple of 31.5x. Moreover, it is trading at a P/BVPS and EV/EBITDA multiple of 6.3x and 16.2x, respectively. Anticipating higher acceptance of the DFT products and the volume growth guided by the management, we have increased the EV/EBITDA valuation multiple from 7.8x to 8.5x. Applying the same to FY20E EBITDA, we arrive at a target price of Rs. 1,850.4 per share. Thus...