Our TP is Rs 290/sh (10x Dec-19E standalone + OVL EPS and Rs20 from investments). Maintain BUY. ONGCs 3QFY18 revenue was at Rs 229.96bn (+14.9% YoY), led by higher oil realisations at Rs3,922/bbl (+12.2%), increase in gas sales volumes at 5bcm (+7.3% YoY), and higher gas sales realisation at USD 2.89/mmbtu (+8% YoY). EBITDA stood at Rs 125.25bn up 20.8% YoY and up 6% QoQ.