Vinati Organics Ltd (VOL) enjoys global leadership in two specialty chemicals, with market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2-Methylpropane Sulfonic Acid). Q2FY20 Revenue de-grew by 3% YoY, but PAT grew by 69% YoY led by higher operating profit and corporate tax cut. EBITDA margins improved by 310bps YoY to 40.7% due to softer RM price and higher contribution from ATBS. We continue to maintain our positive outlook on the VOL given capacity expansion in ATBS and launch of Butyl phenols, which is expected to drive growth for 2-3 years....