Maintain BUY with a TP of Rs 830/sh (25x FY19E EPS). PI Industries (PI) reported disappointing numbers in 2QFY18. Revenue grew marginally by 3.1% YoY to Rs 5.6bn. Weakness in global Custom Synthesis and Manufacturing (CSM) impacted exports (-4.0% YoY, 54% of revenue). Domestic business grew (+13.0% YoY, 46% of revenue), and was supported by post-GST demand and launch of new products. EBITDA de-grew 4.5% YoY at Rs 1.2bn, largely driven by an increase in raw material and employee costs.