We roll forward our TP on Sep-20(20x) at Rs 435 vs Rs 384 earlier. Maintain BUY Driven by strong growth in core PV AC business and incremental revenue from new business verticals like bus/truck ACs and radiators, Subros printed impressive numbers in 1QFY19. Revenue/EBITDA rose 28/29% YoY (in line with est). EBITDA margin remains flat YoY at 10.7%, increase in RM cost (change in product mix and adverse FX movement) was offset by oplev. APAT jumped 95% YoY at Rs 223mn supported by lower depreciation (-22% QoQ).