Macroeconomic headwinds continued to impact Elgi's domestic air compressor sales growth in Q3FY20 As per management commentary, conversions were sticky & inquiries have also dropped in Q3FY20. However, the management is cautiously optimistic as some revival in capacity building in food & beverage, pharma, textile industries is expected. After-market (~24% to India topline), has been languishing over last year and is likely to start recovering from H2FY21E. Consequently, debt has gone up by | 135 crore and working capital has also increased owing to inventories that need...