Explosives, defence continues to clock solid performance In FY19, topline in industrial explosives space grew 21.2% YoY to | 1273 crore. Volumes grew 8.8% YoY while realisations grew robustly by 11.3% YoY. Going ahead, the management commentary suggests this segment will pick up due to increased offtake from its key clients like Coal India and SCCL. Packaged (cartridge) explosives are also likely to continue their accelerated trajectory with strong demand from infrastructure and mining customers. Defence execution has materially picked up with FY19 revenues at | 170...