KNPL recorded revenue de-growth of ~8% YoY to ~| 1248 crore, below our estimate of | 1415 crore in Q3FY20. The muted performance was mainly led by a sharp decline in volume of industrial paint (owing to ongoing slowdown in the automotive industry). In addition to this, the slowdown in decorative paint demand in Q3FY20 was mainly due to extended monsoons and a delay in recovery of demand from north regions. We believe the performance of decorative paint segment would improve from FY21 onwards supported by strong demand from tier II, tier III cities and shorter repainting demand. On...