Crompton's performance has witnessed volatility (vs. Havells) over the last 4-6 qtrs resulting in stock underperformance. Both segments (ECD and lighting) need to fire together for the stock to re-rate. Market share gains in fans, success in appliances, GTM benefits, cost savings program and acceleration in B-B lighting will be the key drivers. We expect sequential recovery in lighting margins hereon (stable GM and moderate increase in marketing spend). We model 20% EBITDA growth over the rest of FY20 (also driven by a favorable base of 4%) Cromptons 1Q performance was a mixed bag with beat in ECD while miss on lighting. Cos success in ECD with market share gains in fans and higher aggression in appliances was encouraging. Lighting disappoints with legacy issues (conventional lighting) and investments in B2B. We cut EPS by 2-3% over FY20-21E. We value co at 35x on Jun-21 EPS, arriving at a TP of Rs 304.