We model 19% EPS CAGR over FY18-21E. At 35x Sep-20 EPS, our TP is at Rs 280 (earlier Rs 291). We reiterate BUY. Crompton reported a mixed bag with beat in ECD and a miss on lighting performance. Cromptons revenues grew by 8% (vs. exp of 10%). Lighting revenue contracted by 4% (ex-EESL 14% growth) while ECD was up by 15%. EBITDA growth (3% vs. exp of 13%) was muted owing to margin decline in lighting business.