Going forward, continued traction in international market, steady demand from domestic market and successful launch of new products will drive future growth. Elgi also continues to strengthen its balance sheet through moderating debt, efficient working capital management driven by an able management. Overall, we expect Elgi to deliver revenue, EBITDA, PAT growth of 18.0%, 24.7%, 29.0% CAGR, respectively, in FY19-21E. Accordingly, we ascribe a P/E multiple of 32x on FY21E EPS of Rs 10.8 to arrive at a fair value of Rs 350. We have a BUY rating on the stock.