We maintain Buy on Orient Refractories (ORL), with a revised TP of Rs185 as ORL has remained ahead of competition in maintaining strong growth with superlative margins (well above the industry average). Q2 performance was solid with revenue growth above expectations and margins surprising positively. ORL's growth story remains on track with increasing penetration in both domestic & export markets and margins kicker through operating leverage benefits. We remain structurally positive on ORL and believe that the tremendous scope for brownfield expansion, as well as low capital and operational costs, MNC parentage and strong return ratios...