Outlook and valuation: We believe Amara Raja holds durable competitive advantages over peers, with strong brand, technical expertise (via parent JCI global brand) and its lower cost structure (compared to its peers). We expect margins to improve in H2FY19 (despite weak H1FY19 margins) on price hikes, falling lead prices (down 6% in last 3 months) and cost improvement measures taken by the company. The company foresees opportunities in the energy storage and electric vehicles space. We maintain our ACCUMULATE rating on the stock with a revised target...