Additional capacity to aid volume growth; margins to improve The company registered growth of 3.5% YoY amid a sluggish demand environment. This was supported by additional capacity. We expect the growth momentum to continue for Ramco led by ramping up of capacities, which would get operational later during the year. As the company increases its grinding capacity by 4 MT within a quarter or two, we expect volumes to grow at 11% CAGR in FY19-21E to 13.7 MT by FY21E. Improvement in capacity utilisation, expectation of a reduction in lead distance with the...