We have increased our 19/20E by 20/18% factoring in revival in CV and export sales along with margin expansion. We value the stock at Rs 217(18xFY20E EPS). Maintain Buy NRB posted strong numbers in 4QFY18. Revenue came in at Rs 2.35bn (+25% YoY), fuelled by strong growth across OEMs segments (2W, CV and tractor segment) and export. EBITDA rose 69% YoY to Rs 422mn with margin at 17.9% (+468bps YoY), driven by operating leverage and richer product mix (higher revenue from CVs). APAT at Rs. 268mn (+129% YoY, 26% QoQ) led by strong operating performance and higher other income (Fx gain Rs 50mn)