CEAT numbers reflect the challenges it seems to be facing in the retail market with increasing competition and lower growth in personal mobility segment (2W and 4W) as compared to the CV segment. CEAT is very small in CV segment. CEAT is going all guns blazing on advertising to hold on market share in the fiercely competitive market. Numbers were below parameters and we have revised our estimates downwards to factor in lower growth and intensive competition. Capacity expansion in on track but will be available from 2019 onwards. We rollover valuations to FY20E EPS and...