Given the elections and also the seasonality one can expect the slowdown in Q1 but if you look at the CWIP and Capex this year it does point towards a very strong outlook for the company. In terms of de-rating, a stock which can provide you 30%+ EPS CAGR for next two year with a net cash balance sheet and RoE of 25%+ paying mid 30’s is not bad for an Industrials stock.
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