We maintain NEUTRAL, with an upgraded TP of Rs 1,857 (rolled forward to 16x Sep-19E EPS vs 14x earlier), given that margin expansion will accrue from oplev benefits and backward integration. Balkrishna Industries (BIL) revenue at Rs 11bn (+22% YoY) was in-line with expectations, largely led by 15% volume growth and 4% growth in net ASPs. EBITDA margin (21.3%) came in lower, owing to higher prices of natural rubber.