Set to grow: FY18 full year earnings grew by 55.6% on account of higher revenue & improved EBITDA margins (263 bps expansion to reach 14.8% due to stable raw material expenses) vs FY17. Full year revenue witnessed a 5.4% growth owing to improved volumes across segments. On account of new product launches, enhanced capacities, brand building efforts & de-risking product mix, we expect the revenue to grow at 9.5% CAGR during FY18-20E. We re-iterate our BUY rating with a target price of Rs.900 with an upside potential of 20%.