4QFY20 saw the first quarter of BOS outperforming underlying industry growth; this was led by the initial benefit of a BS6 content increase and the 2Ws segment addition. We believe stock price is largely reflecting for all the negatives, but a re-rating catalyst may emerge within We downgrade our FY21/FY22 EPS by 10%/3% to reflect volume decline. However, ramp-up beyond the first shift would depend on ramp-up at tier-2 / tier-3 vendors, which may face a labor shortage if migrant labor takes time We downgrade FY21/FY22 EPS by 10%/3% due to lower volume estimates for the underlying industry, diluted by higher other income. We downgrade FY21/FY22 EPS by 10%/3% due to a lower volume estimate for the underlying industry, diluted by higher other income. Going forward, we expect BOS to outperform underlying industry volumes, barring the substantial divergence in segmental trends, driven by an increase in content under BS6 as well as additional revenues from 2W EFI.