Over the past two years, MCFL's revenue growth has been impacted by challenging macroeconomic conditions such as weak winter, subsequent inventory build-up and demonetisation. However, product and geographic diversification, coupled with the expectation of a favourable winter in FY18 bodes well for the company. We believe that scaling up of: i) sub-brands, ii) institutional sales, iii) EBO network and iv) online sales are the key growth avenues for MCFL....