There is no end in sight as the near-term weak demand environment would be followed by BS6 transition, posing a risk of further market share loss in CVs and a decline in market of PV diesel, though 2W EFIs would dilute the impact. We downgrade our EPS estimate by ~5% for FY21 to factor in the emerging insights on BS6 competitive positioning. For 9MFY20, revenue/EBITDA/PAT The companys domestic revenue decline was much steeper than the underlying industry decline (-25% v/s -11% YoY), primarily led by M&HCVs.; Gross margin improved ~290bp YoY (+330bp QoQ) due to higher service income, cost reduction and inventory changes. Near- term weak demand environment/BS6 transition pose risk to our earnings with TP of ~INR15,150 (~30x Dec21E EPS). We estimate ~11%/16%/11% revenue/EBITDA/PAT CAGR, though changing competitive positioning poses risk to our estimates. Near-term weak demand environment and BS6 transition pose risk to our earnings estimates.