Post GST, Kansai Nerolac (KNL) recorded strong volume growth of ~18% YoY (I-direct estimate) led by ~22%, ~10% YoY volume growth in decorative, industrial segment, respectively. This was largely led by restocking of inventory at dealer's level and betterthan-expected performance by automobile players in Q2FY18. However, during the period, the company passed on benefit to its dealers in terms of price cut to the tune of ~2% YoY. KNL recorded sales growth of ~16% YoY to | 1164.4 crore (adjusted with GST) Gross margin during the period declined ~250 bps YoY as the...