Entry into high growth phase Maintain BUY: During FY18, Sandhar Technologies (Sandhar) sales grew by 20.8% to Rs19.5bn (our estimates of Rs19.4bn), driven by strong volume growth across all its business segments. Its EBITDA margins expanded by 160ps to 10.7% (in line with our estimates). PAT increased by 55.8% YoY to Rs662mn (our estimates of Rs 685mn).