Outlook and Valuation: Castrol has managed to recover its EBITDA margin to over 29.0% in last two quarters after falling to mid-20s during CY18 indicating its brand power. While its volume de-grew by 2.1% YoY in Q1CY19; it was better than industry performance. Castrol is currently trading at attractive valuations (PE of 17.7x CY20E). Further, dividend yield at 4.4% on our CY19E remains attractive. We continue to value Castrol at 24.0x on its CY20E EPS to derive a target price of Rs198 (previous...