We recently upgraded the stock to NEUTRAL as (1)Lowering of corporate tax rates will partially offset revenue/margin pressures from the price reductions as well as the impending BSVI transition (2) Eicher's strategy of opening new format stores/launching entry variants is driving footfalls (3) Realizations are being supported by the growth in export markets, led by the Twins. RE reported in-line operating results, with EBITDA margins at 25% (-90bps QoQ). We recently upgraded Eicher Motors to NEUTRAL as the corporate tax rate cuts will enable the co to partially offset input cost pressures. We raise our EPS by ~3% over FY20-22 and have a revised TP of Rs 19,650 as we value the core RE business at 22x Sep-21 EPS vs. 19x earlier (at 20% premium to mass market OEMs).