We value the stock at Rs 166 (18x FY20E EPS) and recommend a BUY. Driven by higher vols (+23% YoY) and ASP (+8% YoY) Ashok Leyland (AL) printed impressive revenues in 4QFY18 at Rs 87.8bn (+32% YoY). EBIDTA rose 42% YoY to Rs 10.32bn, with margin at 11.8% (+80bps YoY) driven by operating leverage. APAT grew 40% at Rs 6.7bn.