Looking ahead, we expect company's volume to clock 14% CAGR over FY18-FY20 led by ongoing strong demand for PVs and new launches, while EBIDTA margin is expected to expand by 60bps during the same period. Considering expected improvement in rural demand, strong product pipeline, and attractive valuation, we assign BUY recommendation on the stock with an SOTP based Target Price of Rs1,015, valuing M&M;+MVML at 7.5x FY20E EBIDTA at...