The stock looks fairly valued at 6.7xFY19E and 6.1xFY20E EV/EBITDA. Hence, we recommend HOLD' rating on the stock with a target price of Rs. 296 (based on 6x FY20E EV/EBITDA). Higher offtake spurs revenue growth Consolidated revenue increased by ~6% YoY in Q3FY18 largely driven by 6.6% growth in volumes. While FSA (Fuel supply agreement) volumes, accounts for 80% of overall offtake, rose 8% to 122MT, e-auction volumes increased by 4.7% YoY to 26.4MT. On the realization front, FSA realisation declined by 8.3% YoY Rs....