Royal Enfield's (RE) Q3FY21 consolidated revenue was broadly in-line with our and consensus estimates whereas EBITDA was below our and consensus estimates on account of higher operating expenses. We believe positive macro factors, vaccination program in place, more cities opening up are improving sentiments for good retail demand. We expect domestic 2W industry to see a double digit growth for FY22 on a low base. We build our volume growth estimates for FY22/FY23 to +21%/+13% factoring the strong recovery in 2W domestic market. We expect revenue/EBITDA/ earnings to grow at 9%/6%/10% respectively CAGR over FY20-FY23E with EBITDA...