MSIL's market share in FY18 (April-Dec) has increased to 50.3% (up from 47.4% in FY17). Despite higher base, strong product portfolio and robust after sales network has helped the company grow its volumes at a healthy rate. We expect MSIL's volumes to grow by 12% over FY17-FY20E driven by current portfolio and new products. MSIL's EBITDA margin is expected to improve gradually over the coming years. Operational leverage from high capacity utilization at Gujarat plant and cost reduction measures is expected to translate into EBITDA margin expansion over FY18-FY20. We introduce FY20E earnings and roll over our target price to...