With a cyclical recovery under way in its key user segments (construction equipment, commercial vehicles) and steady prospects in the tractor space, we expect GST to report sales CAGR of 15% over FY21-23E EBITDA margins are slated to remain elevated at ~38% with RoCE inching up to 30% in the aforesaid timeframe (FY21-23E) With low capex spends, GST has a history of rewarding shareholders with healthy dividends and buybacks. We expect the trend to continue with recent dividend declaration of | 9/share for FY21 & buyback announcement...