AGLL reported below estimate EBITDA at INR1.3b (vs est. of INR1.4b; -5% YoY). While reported EBIT stood at INR861m (-2% YoY) and PAT at INR624m (-7% YoY) was impacted by higher tax rate at 29% (v/s 20% in FY16). Allcargo adjusted goodwill against net worth to the extent of INR6.2 (of the total INR9b as on March 2016) under IndAS provisions.?

Valuation: Motilal Oswal value Allcargo Logistics at FY18E EV/EBITDA of 9x and arrive at a fair value of INR229. On FY18E, the stock trades at P/E of 13.5x and EV/EBITDA of INR6.8x. Maintain buy.