The results of Greaves Cotton Limited's (GCL) Q2FY2020 missed estimates. Topline declined marginally by 1% y-o-y. Subdued performance across engines, agri and aftermarkets segments dragged the revenues down. Operating margins shrunk 270 bps y-o-y to 12.1% (missed estimates) attributable to adverse product mix and high raw material costs. The adjusted PAT at Rs 40 cr declined 19% y-o-y and missed our estimates of Rs 50 cr. Given the headwinds, GCL's topline growth is expected to moderate sharply to flat growth in FY2020....