Domestic tractor industry staring at de-growth in FY20E The tractor industry registered record sales volume of 785,409 units (up 10.4% YoY) in FY19 after ending FY18 at 711,478 units (up 22.1% YoY). However, the growth momentum was reversed with the industry seeing degrowth in Q1FY20. Industry volumes declined 13.8% YoY in Q1FY20 to 191,305 units. We expect this weakness to continue in the near to medium term. SEL's parent has also struggled in the same period. However, it maintains its leadership position with market share in excess of 40%. Long term trends intact despite near term uncertainty...