We roll forward our TP on Sept-19, and maintain BUY with a TP of Rs 172(22x Sept-19) vs 161 earlier. NRB posted better-than-expected numbers in 2QFY18, on both the revenue and margin fronts. Revenue came in at Rs 2.08bn (+16% YoY), fuelled by strong growth across segments like 2Ws, PVs, CVs and tractors. EBITDA stood at Rs 383mn (+33% YoY, 18% above estimates). EBITDA margin came in at 18.4% (+227bps, +308 bps QoQ), benefitting from operating leverage and a rich product mix. PAT came in at Rs 211mn (+25% YoY).