Revenues are expected to grow at CAGR of 7.5% between FY15-18E driven by a combination of auto-sector performances. However, we expect the traction mainly from M&HCVs and the newly manufactured Low-flat buses. However, the 9MFY16 revenues have declined by 7% as compared to the previous year because of whichwe expect revenues to slightly increase by 1.9% in FY16E as we have accounted revenues from buses for Q4FY16E and by 11.0% in FY17E and 12.5% in FY18E expecting positive momentum in the passenger and commercial vehicle segment.