We have increased our FY18/19/20E by 15% factoring in revival in CV and export sales along with margin expansion and roll forward our TP on FY20. We value the stock Rs. 204 (20xFY20E EPS) vs 192 earlier. Maintain Buy NRB posted better-than-expected numbers in 3QFY18, on both the revenue and margin fronts. Revenue came in at Rs 2.07bn (+26% YoY), fuelled by strong growth across OEMs segments (2W, CV and tractor segment) and export. EBITDA stood at Rs 405mn (+103% YoY, 6%QoQ). EBITDA margin came in at 19.5% (+740bps YoY, +109 bps QoQ), benefitting from operating leverage and a richer product mix (higher share of Needle bearings).