Slim volume growth, muted market share gains to drag topline! Given the inherently cyclical nature of the domestic tractor industry and high installed base (record volume of 7.9 lakh units in FY19; 17.0% industry CAGR over FY16-19), our volume growth expectation for FY19-22E remains moderate (Escorts volumes seen growing at 2.8% CAGR to 1.04 lakh units). Market share gains would be required to propel growth at the company. However, FY20TD performance, thus far, is mixed (~16 bps improvement YoY to 11.2%; market share losses in key large states like Uttar Pradesh &...