Maintain BUY with a TP of Rs 385/sh (15x Sep-19E EPS). JKIL reported soft performance in 2QFY18, with APAT coming in 12.1% below our estimates. The mining ban and quarrying issues have been resolved, and shall lead to a strong execution pick-up from 2HFY18E. The balance sheet remained stable, with net debt at Rs 4.2bn and net D/E at 0.29x.