Management expects to achieve peak revenue potential of Rs 35 bn (Rs 20 bn in FY16) from existing capacities without significant capex. As macro improves, we expect CUMI to post revenue/PAT CAGR of 12%/ 35% over FY16-18E. At CMP, the stock trades at 26x FY17E EPS of Rs 10 and 19x FY18E EPS of Rs 14..