We value the stock at Rs 217(18xFY20E EPS). Maintain Buy NRB posted strong numbers in 1QFY19. Revenue came in at Rs 2.34bn (+31% YoY), fuelled by strong growth across OEMs segments (2W, CV and tractor segment) and export. EBITDA rose 69% YoY to Rs 444mn with stellar margin at 19% (+369bps YoY) driven by operating leverage and richer product mix (higher revenue from CVs). APAT at Rs. 243mn (+92% YoY) led by higher operating margin and fall in interest cost