We reiterate our HOLD rating on the stock with a revised target price of Rs 1,387 based on 49x FY21E adj. EPS. Margins stabilize as costs decrease Q2FY20 sales was up 2.8% YoY to Rs. 1,807 cr. even as overall sales volume and mix merely grew by ~1%. Gross margin improved by ~400bps as cost of sales declined by 5.3% YoY due to drop in VAM prices in Q2FY20. However, EBITDA declined marginally to Rs. 368cr. (margin: 20.4%, down by 40bps YoY) due to increase in advertising spend arising out of two major campaigns, Fevicol sofa campaign and a new Fewikwick...