Asian paints (APNT), is the market leader in the Indian paint manufacturing industry with a market share of ~53%. Robust volume (~21%) in decorative business supported the topline growth of 24% YoY in Q3FY19. However, EBITDA margin declined by 118bps YoY to 19.7% due to lag in price hikes and rise in overhead expenses for the new plant. Higher depreciation (29%YoY) and fall in other income (9%YoY) restrict earnings growth to 14% YoY. Volume growth is likely to stabilize at double digit due to fall in oil...