diff --git a/src/language-js/printer-estree.js b/src/language-js/printer-estree.js
index 96019523..b84cb60a 100644
--- a/src/language-js/printer-estree.js
+++ b/src/language-js/printer-estree.js
@@ -2491,10 +2491,8 @@ function printPathNoParens(path, options, print, args) {
           // expression inside at the beginning of ${ instead of the beginning
           // of the `.
           const tabWidth = options.tabWidth;
-          const indentSize = getIndentSize(
-            childPath.getValue().value.raw,
-            tabWidth
-          );
+          const quasi = childPath.getValue();
+          const indentSize = getIndentSize(quasi.value.raw, tabWidth);
 
           let printed = expressions[i];
 
@@ -2507,7 +2505,10 @@ function printPathNoParens(path, options, print, args) {
             printed = concat([indent(concat([softline, printed])), softline]);
           }
 
-          const aligned = addAlignmentToDoc(printed, indentSize, tabWidth);
+          const aligned =
+            indentSize === 0 && quasi.value.raw.endsWith("\n")
+              ? align(-Infinity, printed)
+              : addAlignmentToDoc(printed, indentSize, tabWidth);
 
           parts.push(group(concat(["${", aligned, lineSuffixBoundary, "}"])));
         }
diff --git a/tests/template/__snapshots__/jsfmt.spec.js.snap b/tests/template/__snapshots__/jsfmt.spec.js.snap
index 5c01b016..8fd4c040 100644
--- a/tests/template/__snapshots__/jsfmt.spec.js.snap
+++ b/tests/template/__snapshots__/jsfmt.spec.js.snap
@@ -187,6 +187,59 @@ module.exports = Relay.createContainer(
 ================================================================================
 `;
 
+exports[`indent.js 1`] = `
+====================================options=====================================
+parsers: ["flow", "babylon"]
+printWidth: 80
+                                                                                | printWidth
+=====================================input======================================
+const foo = () => {
+  {
+    {
+      {
+        return \`
+line 1
+line 2
+...
+line n
+\${foo({
+  many: keys,
+  many: keys
+})}
+line n + 1
+line n + 2
+line n + n
+\`;
+      }
+    }
+  }
+};
+=====================================output=====================================
+const foo = () => {
+  {
+    {
+      {
+        return \`
+line 1
+line 2
+...
+line n
+\${foo({
+  many: keys,
+  many: keys
+})}
+line n + 1
+line n + 2
+line n + n
+\`;
+      }
+    }
+  }
+};
+
+================================================================================
+`;
+
 exports[`inline.js 1`] = `
 ====================================options=====================================
 parsers: ["flow", "babylon"]
diff --git a/tests/template/indent.js b/tests/template/indent.js
new file mode 100644
index 00000000..a2dc7013
--- /dev/null
+++ b/tests/template/indent.js
@@ -0,0 +1,21 @@
+const foo = () => {
+  {
+    {
+      {
+        return `
+line 1
+line 2
+...
+line n
+${foo({
+  many: keys,
+  many: keys
+})}
+line n + 1
+line n + 2
+line n + n
+`;
+      }
+    }
+  }
+};
\ No newline at end of file