Reliance Naval & Engineering (RNEL) reported weak Q2FY18 results, which were below our estimates on all fronts Revenues came in | 83.3 crore, down 15.2% YoY. We estimated revenues of | 180 crore for the quarter on the back of revenue booking of patrol boats delivered to the Indian Navy during the quarter EBITDA came in at | 4.4 crore (I-direct estimate: | 16.2 crore). Interest expenses came in at | 167.7 crore, up 25.9% YoY, 11% QoQ as debt increased by | 80.7 crore over the past two quarters. The debt figure is...