We value the stock at Rs 904 (17x Sept-20E EPS) vs 988 earlier. Maintain BUY SML Isuzu delivered subdued performance in 2Q. Revenue stood at Rs 2.9bn (+30% YoY) led by 28% increase in volume (2.88k units) and 2% in increase in net ASP. Bus: Cargo mixes were at 56:44. EBITDA stood at Rs 14mn with margin 0.5% impacted by commodity inflation and absence of any price hike. The company reported net loss of Rs 77mn (vs est loss of Rs 28mn) led by higher depreciation and interest cost owing to capacity addition.