We cut FY18/19/20E earnings in the range of 6-18%, factoring in weak OEM volumes. We value FML on 20x P/E on Sep-19EPS, with a TP of Rs 4876 (Rs 5186 earlier). Maintain BUY Force Motors 2QFY18 revenue came in at Rs 8.9bn (+5% YoY, 5% below estimates), impacted by lower volumes in the OEM segment (-8% YoY, 8.2k). This was offset by growth in sub-contracting. EBITDA margin came in at 8.9% (Rs 798mn, 6.3% YoY), expanded by 89bps YoY, owing to cost control measures. APAT fell 14% YoY to Rs 417mn, led by a fall in other income (-50% YoY to Rs 94mn) and an increase in depreciation (+21% YoY).