We maintain our HOLD rating on the stock with a revised TP of Rs. 18,153 as we rollover our valuation to FY20E. Higher energy & freight cost hurt margins Standalone EBITDA declined by 20% YoY in Q2FY18 leading to ~800bps decline in EBITDA margin to 26.2% primarily due to higher freight and power & fuel cost. Fright cost increased sharply by 31% YoY largely due to increase in diesel prices. Power & fuel cost on the other hand rose 15.3% YoY mainly due to the strengthening of pet coke prices. As a result, EBITDA per tonne declined by 25% YoY. In line with weak operating performance coupled...