Maintain BUY with TP Rs 335(17xDec-20E EPS). Subros posted healthy numbers in 3QFY19 (Revenue/EBITDA rose 14/19% YoY), despite several headwinds including moderation in PV segment and input cost pressures. The growth was attributed to i) new business wins (for models including Ertiga, swift, Tata Tiago, Nexon, Mahindra Marazzo, etc) in the core Passenger Vehicle segment ii) shift in demand to petrol variants iii) strong revenue from other verticals, particularly bus/truck ACs and radiators. EBITDA margin at 11% (+50/60bps YoY/QoQ) was ahead of estimate, led by a richer mix (improvement in revenue from CVs AC business).