Inox Leisure's (INOL) Q1FY19 result was in-line with our forecast. Strong growth of 26.3% YoY in F&B; revenue and ~20% YoY growth in advertisement revenue resulted in EBITDA margin crossing the 20% mark after twelve quarters. We believe that like for the sector, INOL's valuation has headwind in the near term from the outcome of the PIL filed in the Mumbai High Court for allowing outside F&B; and risk of any government interference as regards the pricing of F&B.; We believe that in case of a court process being followed, multiplex players are on a strong footing. However, the timeliness of the outcome remains uncertain....