respectively. Gross/EBITDA margin was down 100bp/80bp YoY. Analyst meet highlights: (1) Near-term growth outlook remains uncertain. (2) Standalone business capex to be ~INR7b for FY20. (3) Faster growth in economy emulsions, distemper and putties is leading to mix corrosion. Valuation and view: We cut our FY20/21 EPS forecast sharply by 16.5%/15.3% to factor in (a) the slowdown amid a higher fixed cost environment, with APNT having just finished a massive round of capacity addition (>50% capacity added over the last six months), (b) the weakening...