Astral Poly Technik's (Astral) Q3FY18 result was largely in line with our expectation. Plastics division was propelled by 28.4% growth volume, partially offset by lower realization while Adhesive business saw a significant 30% YoY jump in revenue. Revenue increased 17.5% to Rs5.3 bn, EBITDA increased 16.1% YoY to Rs737 mn while adjusted net profit increased 24% to Rs428 mn. Astral is adding nearly 38KT of combined capacity at Rajasthan and Hosur which would start from Q1FY19. We are rolling forward our valuation to FY20 giving a new TP of Rs773 from earlier Rs685. We are upgrading the stock to HOLD from REDUCE....