Volume to stay under pressure, grow at 1.3% CAGR (FY19-21E) MSIL has been the industry leader in the domestic PV space with market share on a consistent basis at > 50%. The industry, however, in last nine to 12 months has been seeing muted demand prospects amid a rise in cost of ownership of vehicles, increasing penetration of shared mobility and elevated fuel prices. With retail inventory still high at ~30 days and lower conversion at dealerships, we expect the industry to see demand pressure in the near term. Building in revival of demand around the festive season...