Grindwell Norton (GNL) reported weak Q3FY19 numbers, which were below our estimates. Revenues came in at | 394.8 crore, up 8% YoY, below our estimate of | 415 crore. Abrasives, ceramics and new initiatives' segment contributed ~59%, ~33% and ~8%, respectively EBITDA margins came in at 16.2% vs. 17.6% YoY. This was primarily due to a decline in gross margins by 200 bps YoY. Power & fuel expenses also increased 16.1% YoY. However, the same was partly offset by lower employee & other expenses, up 4.7% YoY and 5.4%...