Finolex Industries (FIL) Q2FY19 results were a strong beat to our estimates mainly led by robust PVC-EDC spread and strong volume growth from PVC Resin segment. Revenue increased 14.2% YoY to Rs5,426mn driven by change in product mix which led to higher realizations, EBITDA was up by 152% YoY to Rs1,249mn and PAT was up 170% YoY to Rs764mn. PVC resin volume grew 7.2% YoY to 43,461MT whereas PVC pipes and fittings volume declined 4.2% YoY to 45,272MT mainly due to weaker agri-sales. We expect PVC-EDC delta to come off from average of US$641/MT in Q2FY19 which may have a negative impact on margins. We expect its revenue/EPS to grow at a CAGR of...