Crompton's performance has been luke-warm over the last 4-6 qtrs resulting in stock underperformance (de-rating). We believe both segments (ECD and lighting) need to fire together for the stock to re-rate (possible in FY20). 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. Reasonable valuations along with structural long-term initiatives drives our BUY rating. Cromptons weak lighting show continued to overshadow strength in ECD. ECD posted 11% growth despite several macro headwinds (Havells posted flat). Market share gain in fans and strong volume growth for appliances led the growth. While, lighting remained a drag and posted 11% decline in revenues. Price erosion in LED and weak order flows from Govt/EESL continued to impact lighting despite healthy volume growth. We model weak revenue growth for lighting for two more quarters (price erosion happened in July19). Co is committed to invest distribution and branding to drive premiumisation and market share gain for fans and lighting. We cut EPS by 2% for FY20-22 to factor weak lighting show. Weak lighting show is also overshadowing valuation potential of ECD business. We value the co at 35x on Dec-21 EPS, arriving at a TP of Rs 333. Maintain BUY.