Tata Metaliks (TML) delivered in line performance in Q2 as the positive impact of strong volumes mitigated the headwinds of subdued spreads and overall weak market conditions. We continue to maintain our positive view on TML as its DI pipe business boasts of an industry leading cost structure, solid demand drivers and strong entry barriers. With complete stabilisation of growth-accretive and cost efficient projects offering quick paybacks and expected recovery in spreads from H2FY18, TML is set to take the next leap in profitability and deliver EBITDA/PAT CAGR of 26%/38% over FY17-19E. Despite the consistent up move in the stock in last...