Cycles to negate cyclicality of other segments: We expect the cycles & components segment to grow at a CAGR of 12.4% with volumes and realisation growing at CAGR of 3.5% and 8.9% during FY15-17E. We consider licensing between TI and Ridley to be beneficial in the premium and super premium categories. We expect speciality segment to remain as the fastest growing at a CAGR of 19.7%, while with support from institutional buying; standard segment is expected to grow above industry growth rate of 3.7% during FY15-17E.