Capital structure is expected to remain leveraged at similar levels over the medium term given the increase in term debt on account of debt funded capital expenditure. In order to meet capital expenditure of up to Rs. 60 cr, company has lined up source of funds through Right issue of Equity Shares upto Rs. 15 cr, Term Loan of Rs. 35 cr from KKR India Financial Services Private and remaining Rs. 10 cr from the internal accruals, would help company’s upcoming expansion plan & envisages a similar volume growth in medium term. In addition, right issue could also benefit existing shareholders. Considering company's strong balance sheet, significant growth & profitability in future, strong clientele, we estimate P/E of FY19E at around 12x, share price turns around to be Rs. 220.