Vinati Organics Ltd (VOL) enjoys global leadership in two speciality chemicals, with market share of 70% in IBB and 80% in ATBS. Revenue and PAT grew by 43.9% YoY & 107% YoY led by strong traction in ATBS and customised products. EBITDA margins improved by 740bps YoY to 34.7% due to better product mix and benefits of scale. Led by robust demand for IBB & ATBS in FY19E and pick-up in customised products, we expect current growth momentum to continue....