In our recent interaction with M&Ms; top management, the company highlighted that tractor demand recovery is likely from 2HFY16 and with normal monsoon season, achieving 5-7% YoY growth in FY16 at the industry level is possible. In the Auto segment, mgmt appears fairly positive on MHCV demand recovery and for PVs it expects the industry to clock a 10% YoY growth next year.