Nilkamal Ltd reported mix set of numbers for Q2FY19. Its net revenue grew by 32.1% YoY, which was above our estimates. The plastics business reported strong volume growth of 30%, largely driven by a favourable base. However, EBITDA & PAT de-grew 14.5% & 10.6% YoY, below our projections. EBITDA margins contracted 434bps YoY to 8%.