We upgraded our earnings estimates for FY19/20 by 5.0/4.8% respectively. We recommend BUY with a TP of Rs 893/sh (17x Dec FY19E EPS). Insecticides Indias (INST) reported good results for 3QFY18; revenues stood at Rs 1.75bn (+24.0% YoY). The growth was largely on account of 20% volume growth and rest from the price hike. The introduction of certain specialty products led to an improvement in gross margins by 190bps YoY to 31.3%. Consequently, EBITDA grew by 35.5% YoY to Rs 230mn, and EBITDAM improved by 111bps to 13.1% for the quarter. Lower interest cost (-18.1% YoY) led APAT to grow by 67.4% YoY to Rs 96mn.