We roll forward our TP (Rs, 318 20x) on Sept-19 and maintain BUY. Subros 2QFY18 revenue (+15% YoY, Rs. 4.9bn) and EBITDA (+20% YoY, Rs 544mn) numbers came in broadly in line with our expectations. However, PAT (-8% YoY, Rs. 160mn) was impacted by deferred tax payment of Rs 33.9mn. Revenue growth was driven by a strong increase in PV sales and incremental revenue from new business verticals like bus/truck ACs and radiators. EBITDA margin at 10.9% (+48bps YoY) benefitted from operating leverage.