FY19 was a year of consolidation for SSML, where the management’s keyfocus was on strengthening its balance sheet in lieu of revenue growth. Working capital cycle witnessed noteworthy recovery with NWC declining by ~10 days to 84 days. Subsequently, higher cash flow generation led to decline in total debt by 22% YoY to Rs 460.2 crore (D/E: 0.6x in FY19 vs. D/E: 0.9x in FY18). With no major capex plans in the near term, we expect SSML to consistently generate FCF and enable the company to further reduce its debt levels. We roll our estimates to FY21E and expect revenue, EBITDA to grow at a CAGR of 11%, 12%, respectively, in FY21E. SSML’s stock pricewitnessed a significant correction of ~48% in the last 12 months, making it available at valuation of 11.0x FY21E earnings. Hence, we have a BUY recommendation with a revised target price of | 410 (13x FY21E EPS).