Nilkamal's (NILK) Q4FY19 result was below our estimates owing to lower-than expected volume and higher expenses. Revenue was down by 6.9% YoY to Rs5.5bn while EBITDA/PAT was down by 19.5%/16.8% YoY to Rs526mn/Rs281mn. Plastic segment revenue was down by 8.5% YoY mainly due to volume de-growth of 9% (vs. expectation of 7.5% growth). Retail segment also registered revenue decline of 2.7% YoY to Rs483 mn. We cut our FY20E Revenue/EBITDA/PAT CAGR of 12%/18%/16% during FY19FY21E. We factor weak Q4FY19, introduce FY21 financials and rollover to FY21. We...