Subros Ltd, manufacturer of air conditioner systems for automobiles, mostly caters to the passenger segment OEMs; predominantly Maruti Suzuki India Ltd (MSIL). Therefore, on the basis of recent progress in this segment, we expect revenues to increase at a CAGR of 11% between FY15-17E primarily driven by volume growth at CAGR of 13% because realizations have got hit owing to pricing competition; and going forward, we have kept realizations constant for our estimations.