Hero MotoCorp (HMCL) Q2FY20 EBITDA margin was higher than our and consensus estimates. EBITDA margin for the quarter stood at 14.5% vs our and consensus estimates of 13.5% and 13.7% respectively. We expect weaker consumer sentiment, higher inventory and competitive intensity to put pressure on HMCL's volume growth. We factor slowdown in H1FY20 and cut our FY20/21 volume estimates by 10% each.We cut our revenue/earnings estimates by 9%/11% for FY20E and 10%/10% for FY21E. We...