Increased domestic industrial activity complemented by adequate capacity headroom: Growth in investment activities and increased investments in key sectors like power, steel, construction, infrastructure and cement are giving an optimistic outlook for future. We believe the GFCF to GDP to improve by over 33% by FY17E, also Elgi's current capacity utilization levels of ~ 70-75% leaves enough headroom to sustain the anticipated increase in demand. We expect the compressor segment to grow at 9.4% CAGR for FY15-18E.