Asian Paints' (APL) Q2FY19 performance was operationally weak in EBITDA margin terms. We believe paint volume growth at ~10% YoY was achieved through a change in product mix while APL refrained from taking a price hike in an inflationary scenario looking at festive demand around the corner. It has instead passed on the GST rate cut to its dealers with immediate effect to fast liquidate the inventory. APL has taken a price hike of 2.35% effective from October 1, 2018 and guided at a few more price hikes in upcoming...