With increased competitive intensitywe except broking yields to decline further. Additionally, regulatory reduction in MF TERs will pressure distribution revenues. The only silver lining we see is the emerging cost consciousness. We expect an anemic FY19-21E PAT CAGR of 4.8% p.a. Longer than expected rally in equity markets coupled with increased retail participation remains a key risk. We rate ISEC a NEUTRAL post weaker than expected 4QFY19. Challenges to revenue and earnings growth continue due to increased competition and regulatory pressures. Our TP stands at Rs 235 (14x FY21E EPS).