Currently, the stock is trading at 9.2/6.6x FY18/19 EV/EBITDA, at a ~35% discount to peers. Sustained revenue growth, improving debt/EBITDA ratio and likely reduction in interest cost due to better credit rating to drive multiples in coming years. We recently met the Solara management and the company is confident in achieving its guidance of 15/20% YoY growth in revenue/EBITDA for FY19. So far, Solara has delivered 26/35% YoY growth in revenue/EBITDA in 1HFY19. Despite witnessing momentary pricing tailwinds in key products, Solara is expected to expand profitability over FY18-21E by higher asset utilization, new product launches and cost control post merger.