tractor industry growth guidance to growth of ~5% in FY21 (v/s 0-5% earlier). While MM is largest benefeciary of rural recovery benefitting tractor demand, it is highly exposed to BS6 transition and related cost increase challenge (with ~90% of its product portfolio is diesel dependent). Also increasing competion in its core forte (UV2 segment due to MG and Kia) to also dent auto segment performance. Hence, we downgrade MM+MVML FY21/22 EPS by 4% each. We believe valuations for MM is reasonable as expected uptick in tractor segment to partially offset by BS6 challenge in UV business. Hence...