EBITDA rose 521% YoY to INR162m (est. Thus, EBITDA margin expanded 150bp YoY to 2% (est. Future Consumer We expect revenue growth momentum to continue, at least for the next few years, given the tremendous growth opportunity. As FCON is likely to be profitable at the consolidated net level only in FY19, we believe near-term P/E multiples are always likely to appear extremely expensive on a one-year forward basis. As FCON is likely to be profitable at the consolidated net level only in FY19, we believe near-term P/E multiples are always likely to appear extremely expensive on a one-year forward basis. Maintain As soon as the company demonstrates profitability at the net level, we will move our valuation to P/E basis. Maintain As soon as the company demonstrates profitability at the net level, we will move our valuation to P/E basis.