Decorative segment grows with strong volume growth KNL has recorded strong volume growth of ~12% YoY (I-direct estimate) in the decorative paint segments, despite extended monsoon and almost nil sales in the Jammu & Kashmir regions where company has a major presence. We believe the performance of decorative segment will remain strong in FY19-21E (with volume CAGR of 13%) supported by strong demand from tier II and tier III cities and shorter repainting demand. On the industrial front, the management expects improvement in the performance...