Subros Limited (Subros) Q1FY21 revenue was below our estimates while EBITDA/PAT came above our expectation. Revenue was impacted due to lower OEM production whereas subros operating expenses were significantly down on account of cost initiatives taken by management. We expect ~20% industry de-growth for 4W industry in FY21 and expect strong recovery in FY22. We have not seen any meaningful revenue contribution from railways/home Ac/truck and bus segment in last 3 years and do not expect any significant change in revenue mix in near term to offset the slowdown in PV industry. However we cut our revenue estimates for FY21 by 8% factoring lower...