We value stock at Rs. 560 (18x FY20E EPS) and maintain BUY JBMA posted strong numbers in 4QFY18. Consolidated Revenue (Standalone+JBMAS) at Rs. 4.47bn (+16% YoY) led by strong growth in sheet metal component division (+16% YoY) and tool room division (+20% YoY) marginally offset by fall in revenue from bus business (-19% YoY). Revival in tooling business (high margin business) and higher oplev helped EBITDA jump 34% YoY to Rs 583mn with improved margin of 13% (+172bps YoY). APAT stood at Rs 202mn (+49% YoY)