Nilkamal's (NILK) Q3FY18 revenue & PAT came below expectations by 9%/7% while EBITDA margin gave a positive surprise. It reported 2% volume and 5% value growth in Plastics, fell short of our expectations. Revenue increased 5.5% YoY to Rs5.2bn, EBITDA margin expanded 276bps YoY to 12.7%, while PAT increased 17.2% YoY to Rs331 mn. Though Retail segment revenue decreased 3%, its EBIT improved to Rs30 mn against Rs9 mn. We are cutting our EBITDA/PAT estimates by 2.6%/4.4% for FY18 and 1.6%/1.8% for FY19 and introducing FY20 numbers. We roll over our valuation on FY20 which...