Volumes lower than estimates, Higher realizations negate increase in input cost; Maintain Accumulate CSTRL's Q1CY19 volumes were marginally below our estimates at 50.4 TKL. Revenue increased 5% YoY and decreased by 5.5% QoQ, due to growth in the personal mobility segment, focus on channels, and new premium products. Gross spreads rose by 2% on a sequential basis. We expect spreads to remain stable/expand going forward, as CIL has already hiked prices in Q1CY19. CSTRL's management is pessimistic about its...