We remain positive on HRL’s ability to improve its product mix, timely execute orders and scale up its new products to enable profitable future growth. Although there has been some slowdown in tendering activities during Q1 amid general elections, the management sees these as temporary and expects a revival within a month or so. We introduce FY21E estimates for the company. Overall, we estimate topline, EBITDA and PAT growth at a CAGR of 16%, 33% and 42%, respectively. We reiterate our BUY recommendation on the stock with a target price of | 165 based on an estimated FY21E EPS of | 14.4/share.