Nilkamal Ltd's Q2FY18 numbers were broadly in line with our estimates. Net revenue de-grew marginally by 0.8% YoY, impacted by poor volume offtake in Plastics division due to GST transition. However, operating profit & PAT increased by 11.7% & 5.9% YoY respectively, while operating margins improved by 139bps YoY, which was encouraging.