We remain constructive, with an unchanged TP of Rs 818. Tata Steel numbers missed estimates, (Consolidated EBITDA: Rs 47.2bn, 53.7% YoY, -5.1% QoQ, Est Rs 54.6bn), driven by lower spreads in European operations (EBITDA/T: USD45, (33.1)/(44.3)% YoY/QoQ, Est USD81). Domestic numbers remained strong (EBITDA/T: Rs 10,959, 50.2/1.6% YoY/QoQ, Est: 11,547). Kalinganagar ops reached full ramp-up in 2QFY18, with BF/downstream utilisations at 100%/95% respectively.