Astral reported strong volume growth of 15% in the piping segment during Q3FY20 despite extended monsoons. The company witnessed a strong recovery in volume growth during November-December 2019. Astral has further guided at strong demand for pipes in Q4FY20 (with ~24% volume growth in January 2020) supported by market share gain (from regional, unorganised players) after the government imposed anti-dumping duty on CPVC resin import from China and Korea. We model piping segment volume CAGR of ~15% (FY19-22E) in line with management estimates supported...