The company had established a Vision G-5 2021-22 – under which, the company aims to be one of the leading global 5 casting companies in terms of capabilities and achieve a topline of Rs.2,000 cr by FY22. However, looking at the current headwinds in the Indian auto industry, we believe, this is going to be delayed by a year or two. Considering the current slowdown and weak two- wheeler sales, we remain conservative and expect growth to remain slow during the current fiscal and with new products and contracts start contributing from next fiscal onwards, the growth is likely to be stronger. We expect the company to deliver an earnings per share of Rs.43.8 in FY21 as against Rs.38.8 in FY19. Assigning a target multiple of 15x, we derive a price target of Rs.657 over the next 18-24 months, which is an upside of ~66% from current levels. At current level of Rs.395, the stock trades at less than 10.0x of estimated FY21 earnings, which we believe makes it a compelling BUY.