Emmbi is a capital efficient player with ~2x fixed asset turnover, stable ~14% EBITDA margin profile and 92 days working capital cycle thereby generating RoCEs to the tune of ~18%. Going forward, given lower capital requirement, improving debt profile and promising macro environment, we expect sales, EBITDA and PAT to grow at CAGR of 12.1%, 12.6% and 21.9%, respectively, in FY19-21E. We continue to value Emmbi at 12.0x P/E on FY21E EPS of Rs| 14.9 to arrive at a target price of Rs 180. We maintain our BUY rating on the stock.