We value the stock at Rs 107 (20xFY20E) and recommend a BUY. Jamna Auto (JAMNA) posted strong numbers for 4Q. Revenue came at Rs 5.96bn (+56% YoY), driven by robust demand for high tonnage trucks along with increased volume in Lift Axle and Parabolic Spring. EBIDTA jumped 50% YoY to Rs 894mn with improved margin at 15% (+192bps QoQ) benefited from richer product mix and higher oplev. APAT stood at Rs 467mn (+34% YoY).