We maintain BUY with a TP of Rs 913, based on 9x Sept-19E EV/EBIDTA (vs 8x earlier), on the back of its strong earnings growth, better cash flows, and improving return ratios. Ramkrishna Forgings (RMKF) 2QFY18 results came in ahead of estimates, led by higher domestic volumes and improving operational efficiencies. RMKF has gained significant ground in the domestic CV market, by penetrating deeper into OEMs like Ashok Leyland and VECV, apart from being a strong supplier to Tata Motors. The North-American and European heavy truck market continues to be on the upswing. With new export orders to fructify soon, owing to the ease of capacity constraints, we expect share of exports to rise from 25% in FY17 to 36% by FY20E.