Downgrade to NEUTRAL, with a TP of Rs 237 (5.5x Sep-19 EV/EBITDA). MOIL reported yet another strong quarter (EBITDA: Rs 1.17bn, (3.9)% QoQ, not comparable YOY, est Rs 1.44bn). The miss against estimates was primarily on account of lower volumes (265kT, (14.8)/ (13.7) % YoY/QoQ, est 311kT). The strong performance continues to be driven by pricing (Rs 10,404/t, 80.7/8.1% YoY/QoQ).