Over the longer term, GIL retains its ambition to be a top five shock absorber player globally. Healthy topline outlook, potential for margin improvement, strong financials (debt free b/s, double digit return ratios) and EV opportunity help us remain positive on the stock. We introduce FY23E numbers, upgrading it from HOLD to BUY with a revised target price of | 150 (i.e. 20x...