Next leg of Aarti's growth will ride on start of three long-term contracts worth Rs150bn progressively from Q4FY20. We tweak our estimates by 1-6% to factor in likely jump in profitability given disruption in Chinese supplies even as we moderate the ramp up of new LT contracts. For FY21E. AIL with a diversified product portfolio of 200 products remain well placed to capitalize on rising investment in domestic downstream...