The lower industrial activities (including auto industry) weigh on performance of plastic division of the company. Though management has guided for a demand recovery in the plastic drums business (shift in Chinese trades towards India due to US-China trade issues, which would benefit domestic packaging companies). Also, apart from pipes, strong order book position in the composite cylinder, IBC business and mox films give revenue visibility for FY20E-21E. We model revenue CAGR of 11% (lower than management guidance of ~15%) for FY19-21E led by 18% growth in the...