Oil India's (OINL) Q2FY19 results were largely in-line with our estimates. Revenue was up 51.3% YoY to Rs37.4 bn while EBITDA and PAT were up 45.7%/33.4% YoY to Rs14.7 bn/Rs8.6 bn, respectively. Oil production volume remained flattish YoY to 0.86mmt while gas production volume declined 4% YoY to 734mmscm. Oil net realization was up 47% YoY to US$73.4/bbl while calculated gas realization was up 26% YoY to Rs7.4/scm. However, 666bps rise in other expenses (13.1% of revenue) led to 153bps drop in EBITDA margin to 39.4% during the quarter. We raise our EBITDA/EPS estimates by 4% for FY19E/FY20E as we revise our INR exchange rate to Rs70/US$ from Rs68/US$ for...