KEI's revenue grew 22% YoY to INR10.9bn driven by strong growth in wires and cables segment. Within that, high tension (HT) cables grew 88% YoY, followed by house wires (HW 48%), extra high voltage cables (EHV 29%), and stainless steel wires (SS 14%). We expect a revenue CAGR of 20% to INR59bn over FY19-21E. This will be majorly driven by strong revenue growth in EHV, HW and HT cables. Going ahead, KEI plans to incur an additional capex of ~INR1bn in FY19 to add HT cable at Pathredi and HW at Silvassa. HT cable and phase 1 of HW is likely to be operational by March 2019, while phase 2 of HW is likely to be operational by end of FY20E (additional capex of INR0.3bn in FY20). Robust revenue growth along with EBITDA margin expansion supported KEIs 3Q PAT growth. Going ahead, we expect KEI to report PAT CAGR of 30% to INR3bn over FY19-21E and EBITDA margins of 10.