Consolidated revenues are expected to grow at CAGR of 15.3% during FY16-FY18E to Rs. 17581 Mn in FY18E, majorly driven by their lighting segment growth on account of strong LED sales supported by their competitive pricing strategy in the retail market. EBITDA is estimated to increase at a CAGR of 17.5% during FY16-FY18E with margins touching 9.2% in FY17E and 9.5% in FY18E from 9.1% in FY16 as a result of reducing raw material costs in past years and we have assumed the trend to continue.