Eicher Motors (EML) numbers were in line with expectations at revenue and operating level. Numbers at net level were low due to a one time write off `1.9bn (due to closure of Eicher Polaris business). With RE segment focusing on capacity augmentation as well as new product launches, growth trajectory should remain strong. Realizations improvement shows the pricing power with expansion of gross margins on per unit basis. With strong CV volume cycle, we expect VECV to gain traction. Export market potential is the focus area and should playout in next few years. We rollover valuation...