Expect EPS growth of 32% over FY18-21E. Maintain BUY with TP Rs 435(20xSep-20E EPS) Subros delivered strong numbers in 2QFY19 despite several headwinds like slowdown in PVs segment and unfavorable currency movement. Strong growth was attributed to acquiring new business(like compressor for Tata Tiago and Nexon) in core PV AC segment, shift in demand towards petrol variants and strong revenue from other verticals like bus/truck ACs and radiators, Revenue/EBITDA rose 14/9% YoY (beat est).