Hero MotoCorp (HMCL) Q4FY20 EBITDA margin was lower than our and consensus estimates. EBITDA margin for the quarter stood at 10.6% vs our and consensus estimates of 12.2% and 11.6% respectively due to one-offs. We expect 2W industry to see a double digit decline in FY21 primarily driven by adverse impact of the COVID-19 outbreak on economic growth and discretionary spending. The challenges for the 2W segment are likely to get aggravated as consumer spending will be severely impacted by the outbreak resulting in lower spending power both in urban and rural markets. We believe HMCL being a major player in commuter segment could see muted sales. We...