HCC's standalone revenue declined 5.3% YoY to `9.3bn in Q1FY18 (18.8% below estimates) due to slower execution in J&K.; Excluding claims of `800 mn (`770 mn in Q1FY17), core revenue declined 6.1% YoY to `8.5 bn. EBITDA margin expanded 70 bps YoY to 18.3% (239 bps above estimates) due to higher EBITDA margin of 40% vs. 26% on claims recovery. Excluding claims, core EBITDA margin declined 63bps YoY to 16.2%. PAT grew 33.5% YoY to `145mn (47.8% above estimates). We maintain Accumulate' as sharp surge in stock price in last one year have factored in drastic debt...