Nilkamal's (NILK) Q2FY19 results were a mix set of numbers, while revenue was a beat to our estimates, EBITDA and PAT were a miss. While revenue was up 32.1% YoY to Rs6.1bn, EBITDA/PAT was down 14.5%/10.6% YoY to Rs490/Rs249mn respectively. Plastic segment registered a value growth of 34% to Rs5.6 bn due to higher volume and realization both. Retail segment registered a growth of 5% YoY to Rs555 mn. The company's mattresses business grew by 13.2% YoY to Rs172mn. However, the company clocked 15 quarter lowest EBITDA margin of 8% (-434bps YoY) due to higher raw material prices and discounts. We cut our EBITDA/PAT estimates by 8%/7.5% for FY19E...