We met Essel Propack's (ESEL) management to understand the traction in its non-oral care business and the progress on commercial orders from European customers. management's commentary. We believe that its investments in non-oral care customers in Europe should pay off gradually as trials get translated into commercial orders. growth. Europe should ramp up faster given with new facility in Russia and the shift of nonoral care customers to ESEL's laminated packaging solutions. ESEL has recovered Rs650m from a related party out of the total of Rs1.1bn as of Mar18. Management said that the company will receive the balance by Mar-19. The proceeds will be utilized to pay off debt. We maintain our Hold rating with a revised TP of Rs120, valuing it at 15x FY21E EPS. The...