Asset light outsourcing model for plywood has worked well for GIL: GIL outsources ~30% of its plywood volumes. This has helped the company to focus on the premium category for own production. GIL enjoys a strong brand recall in the plywood business and company's capacity expansion will be coming on-stream at the right time as its existing capacity is already running at full utilization. We expect Plywood to post Volume/Revenue CAGR of 9%/12% over FY17-20E led by midrange brand Ecotec' (Volume/Revenue CAGR of 18%/22% over FY17-20E). Mega capex in progress; expect earning boost post FY19: GIL currently has a 30% market share mainly in the organized Indian MDF market which in turn is worth...