Maintain BUY with a TP of Rs 216 (6.5x Sep 19 EV/EBITDA). Our TP implies a valuation of Rs 15/61 mn/MW for thermal/wind assets. GMDC 2QFY18 numbers were ahead of estimates (EBITDA: Rs 1.01bn, 53.3/(45.0)% YoY/QoQ, Est 714mn), mainly due to higher realisations at Mata-no-Madh which saw pricing improve sharply (Rs1,975/t, 21.9/46.5% YoY/QoQ). Power division delivered EBITDA/kWh of Rs 1.53 (13.2/23.2% YoY/QoQ) mainly due to higher proportion of wind in the mix.