Headwinds in domestic OEMs to lead to sluggish FY20E Domestic OEM segment witnessed double digit de-growth in the midst of a slowdown in the auto sector. Domestic OEM (two-wheelers and CV comprise highest share in the OEM segment) contributes to around ~69% of NRB's topline. Going ahead, we expect some short-term pain in this segment, which can be followed by some recovery starting H1FY21. On the raw material front, the company is expected to benefit from the current decline in steel prices starting from Q4FY20E onwards, which should...