Maintain NEUTRAL with a revised TP of Rs 1,597 (25x Dec-19 EPS). AIA Engineering (AIAE) posted an EBITDA of Rs 1.27bn (-26.6/12.9% YoY/QoQ, Est Rs 1.30bn). EBITDA margins expanded 207bps QoQ to 22.2%, even though other expenses were higher (Rs 2.10bn, 7.8/3.7% YoY/QoQ) led by costlier power purchases. Realisations expanded leading gross spreads to escalate to 60.8% ((458)/157 bps YoY/QoQ). Volume commentary implies softer, back ended volume growth in the mining segment.