Ratnamani reported a mixed set of Q4FY19 numbers wherein the topline came in lower than our estimates while EBITDA margin and PAT came in broadly line with our estimate. The stainless steel division reported sales of 5406 tonnes (in line with our estimate of 5425 tonne). The carbon steel division sales came in at 72153 tonnes (marginally lower than our estimate of 74375 tonnes). Total operating income for the quarter was at | 686.7 crore (up 10.9% YoY, down 5.7% QoQ) lower than our estimate of | 734.1 crore. The EBITDA margin came in at 14.4% (up 50 bps QoQ, down 60 bps YoY) in...