For MSIL we build sales, PAT CAGR of 16.3% & 27.1% respectively in FY21E23E. In our view, lack of sufficient margin expansion triggers puts already stretched valuations under further strain (trades at ~33x FY23E EPS). We also await decisive commentary from MSIL on the EV front. We maintain our cautious stance on MSIL and value it at | 7,000 i.e., 30x P/E on FY23E EPS...