Maintain BUY with a TP of Rs 190 (6.5x June 19 EV/EBITDA). Our TP implies a valuation of Rs 15/48 mn/MW for thermal/wind assets. GMDC numbers were inline with estimates (EBITDA: Rs 1.83bn, 31.7/23.4% YoY/QoQ, Est 1.79bn). This was driven by strong lignite volumes (2.82 mT, up 35% YoY). Mata-No-Madh (Kutch) delivered the bulk of this jump (0.96 mT, 3.0x YoY), while the other mines also pitched in to offset lower volumes from Panandhro.