The board has given approval for expansion in the capacity of dyestuff at both Vadodara (1600 TPM) and Ahmedabad plant (400 TPM). We expect this to result into visibility in the volume growth post FY21. Further, the company is also entering into caustic soda business with a capacity of 300 TPD, translating into stability in the realisation growth to some extent in long run. However, any disruption from China could put pressure on realisation growth for entire capacity and thereby can curtail operating margins. Total capex for dyestuff, S Acid and caustic soda is earmarked at | 1023 crore with...