Though we are positive on BEL's CD business (with revenue CAGR of ~19% in FY19-21E) led by expansion in dealer network, lumpiness of EPC business would dent overall profitability of BEL with high debt level. We believe the poor performance of the EPC business and higher interest cost would overshadow the profitability of CD business. On an SOTP basis, we cut our multiples owing to flattish growth for the company and value BEL's CD segment at MCap of 1.1x FY21E sales (~55% discount to peers) and E&P; segment at 4x FY21E EV/EBITDA. We revise our rating downward from...