We maintain our positive stance on Oriental Carbon & Chemicals (OCCL) and retain Buy with a revised TP of Rs1575. Q2 performance was strong with EBITDA/PAT growth of 32%/42% YoY. We continue to remain positive on company's prospects led by solid demand outlook for IS in domestic market led by fast paced growth of domestic tyre manufacturers and opportunity for gaining market share globally led by higher penetration in new geographies of US & China. Consolidated margins are expected to improve over FY18-20E led by i) higher share of IS business with increasing volumes coupled with benefits of operating leverage and...