Margins were below expectations due to the consumption of high-cost inventory, adverse currency movements, and delayed price hikes in Industrial paints. These factors resulted in lower EBITDA and PAT growth of 3-6%, which came in 5-9% below our estimates. Management indicates that this quarter had peak input cost inflation, but margins are expected to improve in 4Q on a softening in crude prices and a stable currency. However, further price hikes are required in industrial paints to fully mitigate input cost inflation. Valuation, at 47x FY20E EPS, already factor in strong growth momentum and margin recovery, and offer limited upsides. We reiterate our Hold rating, with a revised target price...