Dominant exports share hedge against domestic 2-W pain The domestic 2-W space has been bearing the brunt of the slowdown in discretionary consumption spending recently as illustrated by (i) decisive underperformance vis--vis PV category in Q3FY20 (14.9% YoY 2-W degrowth vs. 0.5% YoY PV de-growth), (ii) elevated dealer inventory (~35 days vs. ~25 days for PV as per FADA at end of December) (iii) and continuing soft retail demand. BS-VI products rolled out thus far by other OEMs are ~15% costlier than outgoing BS-IV versions. This fails to enthuse us about swiftness in recovery, going forward, save for some possible pre-buying...