Menon continues to grow: Owing to improved volumes & higher revenue growth (18%), FY18 full year EPS has witnessed a 10.3% growth despite a contraction in EBITDA margin (125 bps). We expect the pressure on margins to fade and margins to stabilize around 27% by FY20E. Also, we expect investments made by the firm in new facilities to start paying off by FY20E. We retain BUY rating with a target price of Rs.135, with an upside of 29%.