Nilkamal's (NILK) Q4FY18 revenue was in-line with our expectations while EBITDA and PAT was a miss by 13%/16% due to higher than expected raw material costs. Revenue increased 12% to Rs5.9bn YoY, EBITDA margin remained flattish YoY to 11% (-171bps QoQ) while PAT increased by 5% to Rs.338mn. Plastic segment registered volume and value growth of 9% and 15% on a QoQ basis. The company's mattresses business grew 45% YoY to Rs590 mn in FY18 which is 18% of total revenue growth in FY18. NILK is also entering into Foam manufacturing business (capex of Rs350 mn) which would start by end FY19. We are lowering our...