KNPL 4Q Mgt commentary reinforced our positive stance on the company given 1) successful launch of soldier in economy segment in emulsions 2) foray in coil coatings, floor coatings and rebar coatings 3) strong free cash flow with cash/investments of Rs4.7bn and 4) sustained higher than industry growth in decorative segment. Although near term outlook remains uncertain due to lockdown impact on sales and sentiments, we expect smart recovery from 2HFY21 given low base in Auto and impact of J&K; from 2Q20. Although...