We maintain our earnings estimates for FY16E / FY17E, however, we have reduced our base merchant realization from Rs4.25/Unit to Rs4.0/unit and increased our annual coal price hike assumption from 2% to 5% from FY17E onwards, thereby lowering our DCF-based Target Price to Rs31. At the CMP, the stock is trading at P/BV of 1.5x and 1.7x its FY16E and FY17E and EV/EBITDA of 8.0x FY17E with (5.8)% RoE. We maintain SELL recommendation with a revised Target price of Rs31, as we believe that the stock is expensive given high risks on...