Crompton has been focusing on building long term structural platform (distribution) rather than reaping low hanging fruits. Management is focusing on (1) Strengthening leadership in fans (NPD for wider price points, offering 5 year warranty vs. 1-2 year by peers), (2) Leveraging distribution (GTM benefits), (3) Brand leveraging via entering in newer categories and (4) Cost reduction and product mix to drive margins. We model 20% EPS CAGR over FY19P-21E. Maintain BUY. Cromptons 4Q performance was mixed with miss on ECD margins (challenging quarter) but beat in lighting margins (recovered with various initiatives). We expect FY20 performance to improve led by (1) Healthy growth for ECD (new launches), (2) Lighting sustaining healthy margins (200bps YoY expansion in FY20E) and (3) GTM benefits kicking-in. Stock was flat in FY19 due to lack of fireworks in their performance. We expect a re-rating in the stock in FY20 (led by outperformance vs. peers). We value at 35x on Mar-21 EPS, arriving at a TP of Rs 300.