We are lowering our target PE Multiple to 17x and are revising our rating to Neutral with a TP of Rs 216 (17xDec-18). Suprajit Engineering reported marginally higher revenue growth (+10%) as compared to our estimates, but margins at 14.9% (-90bp YoY) continue to be impacted by the other business segments i.e. Phoenix Lamps and non automotive cable business. Management has given a muted outlook for the near term, driven by 1) moderation in the OEMs segment (especially 2Ws) and 2) sustained margin pressure in Phoenix and non automotive business both.