We value the stock at Rs 100 (20xFY20E) vs 107 earlier. Maintain BUY. Jamna Auto (JAMNA) posted strong numbers for 1Q. Revenue jumped 107% YoY to Rs 5.6bn driven by strong growth in M&HCV; truck segment (led by favorable base effect due to GST issue last year), increased volume in Lift Axle and price hike (~Rs 4K/per ton). EBIDTA jumped 146% YoY to Rs 753mn with 13.4% margin (+214bps YoY/-160bps QoQ, below est) impacted by muted aftermarket revenue. APAT stood at Rs 400mn (+130% YoY).