We value the stock at Rs 1023 (18x FY20E EPS). Maintain BUY Driven by a strong recovery in school buses volume, SML Isuzu printed impressive numbers in 1QFY19. Although EBITDA number missed estimates (owing to higher RM cost), rose by 116% YoY at Rs 396mn with improved 8.7% margin (+300bps YoY/216bps QoQ). Revenue stood at 4.5bn (+42% YoY) led by 32% increase in volume (4.15k units) and 7% in increase in net ASP. Bus: cargo mix remains favorable at 75:25. APAT stood at Rs 201mn (198% YoY).