Our TP is Rs 184/sh (8x Dec-19E standalone + OVL EPS and Rs. 31 from investments). Maintain BUY. We believe that the recent trend of the government to allow full pricing and use buybacks and/or dividends to raise cash (which also benefits the minority shareholders), is the likely way forward. We maintain our view that the government will not reverse the reform process by asking domestic Exploration and Production (E&P;) companies to bear the subsidy. Thus, we do not foresee any subsidy burden on the domestic E&P; companies.