Capacity expansion plans updated: The company remains on-track to add 30 kt capacity by FY18 and another 48 kt by FY19 with a total capex of Rs3,000 mn. Further, the company has now raised its capacity expansion plan for high-margin specialty carbon black from 24kt earlier to 56kt by FY19. Accordingly, we have raised our FY18/FY19 EBITDA/PAT to account for higher volumes and better realizations given rising supply constraints (on shortage of raw material, coal tar in China). Outlook: While Phillip's fund-raising plans may dilute its EPS in the near-term and will be a key overhang on the stock in the near-term, nevertheless, we believe its...