Muted revenue on lower IES & product business KPIT's revenue fell short of estimates impacted by decline in IES and product business while operating performance was better on pyramid rationalization. While automotive vertical is expected to rebound, energy division (~10% of revenue) is expected to be muted ahead. Management indicated to lower growth for the next three quarters and acceleration from 2HFY17E even as it expects margins to be sustainable at current levels. We expect US$ revenue/EPS to grow at 7%/12% over FY15-18E with EBITDA% factored at 13.2%/12.9%/13.9% for FY16E/17E/18E, respectively; maintain HOLD...