Royal Enfield's (RE) Q2FY20 result were above our and below consensus estimates at operating level. EBITDA margin for the quarter stood at 24.7% vs our and consensus estimates of 24.0% and 25.2% respectively mainly on account of higher realization and lower employee expenses. We maintain our positive view on Bullet X and Classic S and expect to do well due to attractive price points and maintain our cautious view on success of 650 twins in coming times. We cut our RE volume estimates for FY20/FY21 by 3%/3% factoring slowdown in domestic market and increase realization on account of BSVI transition. We also cut VECV estimates for FY20/FY21 by 10% each for FY20/FY21...