Consolidated revenues are expected to grow at CAGR of 12% between FY16E-18E majorly driven by Clarton Horns and MJ castings growth. Their share in the consolidated revenues is likely to jump by 300bps by FY18E accommodated by moderate growth in standalone sales due to higher exposure in the two-wheeler market. 9MFY16 revenue has increased by 14% (YoY). Gross profit margin has significantly gone up by 160bps during this period as compared to 9MFY15 led by lower raw material costs. EBITDA margins have soared up to 8.6% in 9MFY16 as compared to 7.1% during 9MFY15.