Our optimism on wind power in India remains intact given the government push and attractive IRRs for developers (at closer to grid parity tariffs). Hybrid policy (wind solar) and competitive bids provide tailwinds to sector volumes from FY18E onwards. This, coupled with strong FCF generation, (Rs 6bn for FY17E) and high RoE (~25%) makes a strong investment case. Reiterate BUY with a TP of Rs 475/share (10x FY18E EV/EBITDA).