Decent show amid tough environment, growth levers intact Subros 1QFY20, revenue beat estimate to ` 5.7bn (+7% YoY) led by wining new business (HVAC for new Wagon R and AC kit for Renault Nissan for Brazil facility) and incremental revenue from Home AC business (` 620mn). EBIDTA margin contracted by 111bpsYoY to 9.6 % on account of weaker product mix (low margin in home AC). Despite the slowdown in PVs segment Subros' core PV AC business managed to grew in single digit in 1Q led by shift in demand towards petrol variants plus rising wallet share...