Royal Enfield's (RE) Q2FY19 results were below our and consensus estimates at operating level. EBITDA margin for the quarter stood at 30.3% vs our and consensus estimates of 31.8% and 31.5% respectively. EBITDA margin were majorly impacted by weaker operating leverage and higher other expenses. Revenue grew +11% YoY / -6% QoQ to Rs23.9bn driven by volume growth of +4% YoY / -7% QoQ to 210,102 units. Volumes were majorly impacted by recent strike in Oragadam plant. Net realization for the quarter increased +1.4% QoQ mainly on account of better product mix and recent price hikes. EBITDA for the quarter increased +7% YoY / -10% QoQ to at...