Although we reduce our EBITDA margin estimate for FY19E to factor in increased pricing pressure and higher gas prices, we expect it to revive in FY20E aided by operating leverage, improvement in realisation & mix and stability in gas prices. We factor volume CAGR of 10% over FY18-20E driven by its capacity expansion drive coupled with improved demand and offerings. However, we downgrade the rating on the stock to HOLD' given increased pricing...