EBITDA margin was 21bps ahead of our forecast at 13.7% (+67bps YoY, +134bps QoQ) indicating price hikes were more than offset higher raw material costs. EBITDA at Rs3.4 bn (+31.1% YoY, 19.6% QoQ) was 6.0% ahead of our estimate. We raise our revenues and margin estimates slightly for FY19/20 to account for slightly higher volume growth and fall in lead prices. However, given the recent run-up in the stock price, we downgrade the stock to an Accumulate. Key Highlights and Investment Rationale EBITDA margins improve: EBITDA margin improved 67bps YoY and 134bps QoQ to...