Castrol India (CSTRL), represents the Indian operations (59.5% stake owned indirectly by British Petroleum) of global lubricant leader Castrol. Castrol operates in the domestic B2C automotive lubricants industry (~89% of sales) where it has a ~20% market share, with remaining sales from industrial lubricants. Globally, the lubricant industry is fairly stable as gradual declines due to extended oil replacement intervals (led by better lubricants) are offset by strong realization growth. Key Investment Rationales: 1) While long term volumes of Castrol have been subdued (-1% CAGR over CY01-15) Castrol is likely to see improved growth on the back of a rising share of the faster growing personal mobility segment (PV,2W lubricants - now ~40% of volumes). Personal mobility holds stronger...