Astral Poly Technik (Astral) came out with a strong Q2FY19 in line with our estimates. Revenue grew by 21.1% YoY to Rs6.3 bn, EBITDA was up 23.7% YoY to Rs944 mn and adjusted PAT was up 24.8% YoY to Rs523 mn. Plastic segment witnessed a volume growth of 4.5% YoY to 27,250mt with EBITDA growth of 27.4%. Further, Adhesive business revenue increased by 25% YoY to Rs1.5 bn while EBITDA rose by 28% YoY to Rs238 mn. We keep our estimates unchanged and expect revenue/EBITDA/PAT to clock a CAGR of 19%/20%/26% during FY18-FY20E. We maintain our TP to Rs1,037 (45x...