The management expects revenue growth of 15% and modestly higher EBITDA margins in FY20 aided by increasing share of value-added products. At CMP, TTL is trading at P/E of 12.4x and 9.4x FY19E and FY20E earnings respectively, which is attractive as it is at a discount to midcap index valuation. In recent months, the TTL stock has been derated in line with 1) general sell-off in the midcaps and smallcaps universe 2) Weak Q2FY19 results and 3) concerns on promoter stake sales. At the current price, valuations are attractive. Hence, we continue to maintain our positive...