We re-iterate BUY as (1) Subros has gained market share to 42% in a slowing market (up by 2%) (2) The company is deleveraging its balance sheet. They have already paid down Rs 1.2bn from the equity infusion by Denso (3) The share of passenger car AC's will reduce to 70% (from 80% currently) as the other segments (CV's, railways and home AC) ramps up. Subros reported a weak 4Q due to the ongoing sluggishness in the passenger car industry. However, we believe that the company is adopting an astute strategy by increasing its share of non passenger car AC business and deepening its relationship with its Japanese partner Denso. We re-iterate our BUY on the stock (TP of Rs 310) and we continue to value the stock at 17x on FY21 EPS.