Given its diversified product portfolio, debt-free balance sheet, a consistent dividend pay-out record (+20%), and efficient working capital cycle (20 days), we maintain our positive view on the stock. We cut our EPS by 14/12% for FY20/21E EPS factoring in current slowdown in 2W space. At CMP stock is trading at 12/10x for FY20/21E which looks compelling, we maintain Buy, with a lower target price of Rs 130(based on 15xFY21E EPS).
Given its healthy balance sheet, consistent dividend payout (+20%), and efficient working capital cycle (15 days), we maintain our positive view on the stock. We have reduced EPS estimates by 17% over FY19-21E to factor in the impact due to the SMT business. We Maintain BUY with a revised TP of Rs 180 at 16x FY21E EPS.