Royal Enfield's (RE) Q2FY21 consolidated revenue was broadly in-line with our and consensus estimates whereas EBITDA/ PAT was ahead of our and consensus estimates on account of lower operating expenses and lower interest cost. We broadly maintain our volume/revenue estimates for FY21E/FY22E and lower our EBITDA/PAT estimates factoring the higher operating expenses in coming quarter due to new product launches, higher depreciation and lower other income. We introduce our FY23 estimates and anticipate revenue/earnings to grow at ~8%/12% CAGR each over FY20-FY23E with EBITDA margin from 19.3%-20.5%. We value RE biz at 23x and 15x for VECV business on...