The industrial paint remained a drag for KNL due to the unprecedented slowdown in the automotive segment. However, a shift in focus towards other industrial categories like coil coating and functional powder coating helped offset poor volume demand from the automotive industry. This, along with strong growth in the decorative segment (despite a higher base of 14% growth in Q1FY19) drove its performance in Q1FY20. Strong demand for decorative paint would be largely driven by demand remaining intact in tier II, tier III cities and a shorter repainting cycle. We model revenue...