Crompton's performance has been luke-warm over the last 4 qtrs resulting in stock underperformance (de-rating). We believe 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 medium term drivers. We expect 11/16/13% EBITDA growth in 2HFY20/FY21E/FY22E. Reasonable valuations along with structural long-term initiatives of company drives our BUY rating. Cromptons 2Q performance was weak. Dull show in lighting overshadows ECD performance. Crompton remains committed to improve their lighting biz via investments in B-B (inspired by Havells). We believe Cromptons 2HFY20 performance will be similar to 1H and hence dont expect a sharp recovery (unlike peers). We cut EPS by 3-5% over FY19-22E. We value the co at 35x on Sep-21 EPS, arriving at a TP of Rs 339. Maintain BUY.