We are downgrading our rating from Accumulate to Hold following 16.5% and 4.6% cut in FY20 & FY21 EPS on account of 1) estimate loss of Rs750mn and Rs600mn in FY20 and FY21 due to increased spends on brand building and distribution in Voltas-Beko JV to establish itself in highly competitive white goods market 2) low growth of EMPS in FY20 due to poor order inflow and 3) limited pricing power in RAC market due to rising competition Voltas is focusing on consolidating its leadership (YTD market share gain of 180bps to 23.9%) and look at margin expansion mainly through cost...