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). Q3CY17 registered a revenue growth of 21%YoY led by 64% growth from India business and 16% from Europe business. Consolidated EBITDA margin improved by 160bps led by superior geographical mix and cost control initiatives. EBITDA margin to improve by 360bps over CY16-18E led by cost...