The EBITDA margin profile has been muted in the recent past amid material costs pressures and high provisioning for bad debts. The EBITDA margin profile has deteriorated quite significantly from being steady 15%+ till FY18 to 3.2% in FY20. With management guidance of worst behind them they foresee regaining the margin glory. Conservatively, we bake in 10% EBITDA margins for FY21E and 12% for FY22E. VST is also developing innovative solutions in the higher hp tractor segment and is hopeful of tasting success...