The expected capital infusion (| 950 crore) by the promoters is likely to act as a key catalyst for healthy revenue growth. The capital to be raised can provide a strong fillip to store addition pace. A substantial amount is also expected to be invested in enhancing warehousing capacity and supply chain. We maintain our estimates and expect revenues to grow at a CAGR of 23% in FY19-21E with EBITDA margin expansion of 140 bps to 10.1% by FY21E. We have not incorporated Ind-AS 116 impact on financials due to lack of data. Robust performance in a challenging scenario instils confidence...