Jamna Auto's (JAMNA) Q4FY19 EBIDTA declined 23% YoY to ` 690mn with an operating margin of 12.7% (-49bps QoQ, below our estimate 13.2%), due to an adverse product mix (lower proportion of aftermarket). Given the superior return ratios, ROE/ROCE of 30%, strong market share in leaf springs (70%), and compelling valuation of 12x for FY20, we maintain our...