EBITDA margin fell sharply to 16.4% (our estimate 18.4%). The company has been guiding to maintain its EBITDA margin of atleast 20%; hence, EBITDA margin of 16.4% is a sharp miss in our view. We cut our FY18/19 sales/EBITDA/PAT estimates to factor in weak Q1FY18 and lower guidance; Maintain Buy with lower target price of Rs153. Key Highlights and Investment Rationale Top-line growth disappoints again: Indo Count's net sales were impacted by lower off-take from some of its customers. Although there was no loss of customers, Indo...