We maintain our Hold rating on CIL with a Target Price of Rs. 891. CIL reported a flat YoY growth in Q3FY18 revenue (+17% QoQ). Domestic revenue (68% of total sales) was up by 3%YoY while exports revenue declined by 7%YoY. EBITDA margins declined 220bps YoY to 14.5% mainly due to adverse product mix given limited exports and increase in other expenses (higher R&D;) despite improvement in gross margins (+130bps YoY). Management has lowered its domestic growth guidance to 0-5% from 5-10% earlier due to sluggish industrial and real estate demand while exports was maintained at 5-10% decline for FY18. While we expect de-growth in earnings for FY18, earnings recovery is likely in FY19 due to recovery in domestic...