Maintain BUY with a revised TP of Rs 303 based on 17x Jun-19E (earlier 15x). Jamna Autos (JMNA) 1QFY18 performance came in below estimates, owing to lower volumes (-19% YoY). Surprisingly however, gross margin was stable inspite of high raw material costs, owing to a richer product mix (parabolics share at 24% vs 22% in 1QFY17). JMNA has consistently outperformed the domestic CV industry. Also, with facilities located in close proximity to OEM plants, JMNA not only cuts down logistics costs, but also makes it tough for new entrants to garner business from these plants.