We model revenue, earnings CAGR of 16%, 27%, respectively, in FY19-21E led by strong volume growth of ~14%. Despite a challenging FY19 (on account of tightening credit conditions, construction slowdown due to general election, supply chain disturbances due to GST rate reduction from 28% to 18%) Asian Paints witnessed strong volume growth of ~13% YoY in FY19. The company also commissioned two large paint manufacturing units of 300,000 KL/annum each at Mysuru and Visakhapatnam in FY19. For FY1921E, we believe APL would report strong earnings growth supported by volume growth, change in product mix and tax cut in FY19-21E. This...