We expect margin pressure to subside in FY20, due to backward integration in phosphoric acid, coupled with lower RM prices. We expect the non-subsidy business to grow (estimate a 20% CAGR in the crop protection business over FY20-21E to ` 25.0bn). The company expects the plant in Sarigam, which is currently shut, to become operational in 1HFY20. The Dahej plant, which manufactures Mancozeb, has become operational and is likely to lead to volume growth in the crop protection business. The stock is currently available at 15.4x and 13.6x FY20E and FY21E EPS. We...