Healthy replacement offtake is seen leading to a favourable channel mix (as aftermarket margins are higher on account of it being a B2C business with better pricing power), thereby leading to margin trajectory at ARBL remaining broadly stable near the ~16% mark over FY22E-23E. We expect full year FY21E margins at ~15%, notwithstanding superior Q2FY21 margin performance, as incrementally higher OEM demand in H2FY21E is seen...