Given superior return ratios, ROE (~30%) and phenomenal growth, JMNA will continue to trade at a premium vs its historical multiple (15x). We increase FY18/19E EPS by 2/5%, and increase TP to Rs 81 (based on 20xSept-19) vs Rs 70 earlier Jamna Autos (JMNA) 2Q revenue stood at Rs 3.8bn (+41% YoY), led by traction in higher tonnage vehicles. EBIDTA came in at Rs 503mn (+27% YoY, 9% above estimates), and EBIDTA margin at 13% (-144bps YoY, below estimates, dragged down by lower replacement sales). APAT stood at Rs 295mn (+36% YoY).