Our target is Rs 1,259/sh (27x FY20E standalone EPS). Upgrade to BUY from Neutral. MGLs 4QFY18 revenue came in at Rs 5.87bn, up 11.7% YoY led by 6.7% YoY increase in volumes to 2.8mmscmd and higher realisations at Rs 23.3/scm (+4.7% YoY). EBITDA stood at Rs 1.76bn up 8% YoY. EBITDA margin was up 1.2% YoY to Rs 7/scm. APAT came in at Rs 1.05 bn (+5.5% YoY), owing to higher depreciation, which was up 32% YoY to Rs 0.34bn.