We maintain buy on Hindalco (HNDL) and revise our TP to Rs315 (vs Rs250 Earlier). HNDL's domestic aluminium business remains a solid operational performer despite adverse coal and carbon cost headwinds (EBITDA/t at US$452). Utkal's EBITDA was the strong at Rs2bn while Novelis' performance improved further (EBITDA/t at US$377). We like HNDL on account of i) strong earnings visibility from low cost aluminium asset base with low cost coal & bauxite supply in place, ii) increase in the EBITDA contribution from Novelis with strong guidance, iii) strong capex discipline resulting in high FCF generation, and iv) accelerated reduction in net debt/EBITDA...