We maintain our positive view and retain BUY rating on the stock. PCBL with organic growth prospects, much heathier B/S and return ratios is a good proxy to play upon recovery in volumes in the tyre and broader auto space

ADD ruled out, fundamental demand drivers stay intact

Improving return ratios, financial matrix; deserves better valuation!

Improving operating matrix, re-rating to sustain, retain BUY

Growth momentum to sustain…