Mahindra CIE (MCIE) is among the top global forging players with a strong presence in both Europe and India. Currently 2/3 rd of the revenue comes from Europe (split btw CV's & PV's) while rest from India (PVs). MCIE registered a robust revenue growth of 29% for Q3CY18, driven by strong European sales of 32%YoY & India business growing at 26%YoY. Despite weak European car sales, the growth was largely led by new orders in Gears & forging and robust growth in EU truck sales. Consolidated EBITDA margin improved by 130bps led by superior...