We cut our estimates by 5-25% over the forecast period to factor in the headwinds in the legacy transfer case business and slowdown in the EV business. Further, we downgrade our rating from HOLD to REDUCE with a TP of Rs408 (previous Rs637), valuing it at a P/E of 30x on its Dec'26 EPS. Divgi Torqtransfer Systems (DIVGIITT) reported 7th consecutive quarter of degrowth in revenue, indicating persistent challenges across core and new business segments. Its Q3FY25 revenue declined by 16.5% YoY, against the anticipated de-growth of 8%/11% (PLe/BBGe). Gross profit declined by 5% YoY, but gross margin expanded by 776bps YoY to 62.7% (PLe: 50.8%). EBITDA...