We value stock Rs 384 (20x FY20E EPS). Maintain BUY Driven by strong growth in core PV AC business and incremental revenue from new business verticals like bus/truck ACs and radiators, Subros printed impressive numbers in 4QFY18. Revenue (+34% YoY, Rs. 5.52bn) and EBITDA (+23% YoY, Rs 637mn) beat expectations. EBITDA margin at 11.5% (+91bps YoY) benefited from operating leverage. APAT grew by 35% YoY to Rs 186mn