Takeaways from Q2FY24: (1) New businesses of Electronics, Railway sub-systems and Mobility are gaining traction (likely to post revenue growth of 25+% YoY in FY24). The focus on hearables ad wearables and joint venture with Nexxbase augurs well for strong growth in PCBA business. (2) Strategy to focus more on components instead of selling RAC is likely to result in higher growth in FY24-26. (3) EBITDA margin is likely to expand due to lower input prices and operating leverage.