We estimate sales, EBITDA, PAT will grow at 13.1%, 14.8%, 9.7% CAGR, respectively, in FY19P-21E. With the CV industry in India and the US likely to peak out in FY20E, volume growth prospects appear moderate, going forward. We value the company at 12.5x FY21E EPS of | 40.6/share to arrive at a target price of Rs 510. We have a HOLD rating on the stock. We do not ascribe any value to the 2018 acquisition of DVS Industries as profitability at the subsidiary is muted and operations are yet to turn around.