We expect margin trajectory to be better than most ancillaries on the back of (1) sustained strength of automotive replacement segment in overall mix, (2) benign outlook for lead prices (currently at ~US$1635/tonne vs. Q4FY20 average of ~US$1800/tonne). B2C nature of aftermarket, inherent pricing power (near oligopoly on supply side, demand is fragmented) are seen leading to flattish margin performance in FY21E (negating impact of limited...