Maintain BUY with TP of Rs90 (based on 20xFY20E) Jamna Auto(JMNA) posted strong numbers for 3Q. Revenue stood at Rs 4.7bn (+55% YoY), led by traction in higher tonnage vehicles along with increased volume in Lift Axle and Parabolic Spring. EBIDTA came in at Rs615mn (+47% YoY) and EBIDTA margin stood at 13%(-65bps YoY, below estimate), impacted by lower replacement/sales ratio and product development expenditure. APAT stood at Rs317mn (+50% YoY).