Expect 11% EPS CAGR over FY18-21E. We value the stock at Rs 217(17xSept-20E EPS). Maintain Buy NRB delivered strong performance in 2Q. Revenue grew 21% YoY to Rs 2.5bn (ahead of its peers like SKF +13%), fuelled by strong growth across OEMs segments (2W, CV and tractor segment) and robust export sales. EBITDA rose 20% YoY to Rs 461mn with margin at 18.4% (flat YoY), as a benefit of richer product mix (higher revenue from CVs and Needle bearing) was partially offset by an increase in other expenses (one-time consultancy fee, higher marketing and freight expenses).