Sandhar remains among the top five diversified auto ancillary listed entities in India. It is poised for robust business growth over next two years. We understand its current business to grow in double digits through FY20 on account of ramp up in its existing business with new clients. Based on its current product portfolio, Sandhar is expected to report Sales and PAT CAGR of 10.7% and 25% over FY19- 21E respectively. At Current Valuations (PER of 11.5xFY21), the stock is notadequately factoring in Sandhar’s core business and growth prospects in its JV’s.We maintain our BUY rating with a revised price target of Rs376 (PER of 15xFY21E).