Pitti Laminations (Pitti) reported a muted Q1FY17 performance. Net sales for the quarter declined 32% YoY largely on account of 55% decline in export sales. The EBITDA margin, however, came in higher at 14.6% due to a change in product mix (high stator volume in exports) and costs rationalisation measures .Topline in Q1FY17 was at | 58.1 crore. The corresponding EBITDA was at | 8.5 crore while PAT was at | 1.2 crore. ICICI Securities Limited have valued Pitti at | 36 i.e. 9x P/E on FY18E EPS of | 4.0/share and downgrade the stock to SELL.