Revenue declined 20% YoY to INR21b in VSF and 24% YoY EBITDA declined 56% YoY to INR3.9b (in-line) due to lower prices, with the margin contracting 7.6pp YoY / 0.1pp QoQ to 9.1%. Lower demand, higher imports, weak global prices, and new domestic capacities led to weaker Chemicals The company has put expansion plans on hold due to weak demand. Given Grasims conglomerate business structure, we value it on an SOTP EV/EBITDA, b) UltraTech at a 60% holding company discount to target price, and c) other listed investments (AB Capital, Vodafone Idea, Hindalco, and Aditya Birla Fashion) at a 60% holdco discount to market prices. Lower demand, higher imports, weak global prices, and ramp-up in new domestic capacities by ~620ktpa resulted in weaker The Epoxy business EBITDA improved YoY on lower input prices. Century Cement and the Nathdwara plant reported improvement in realization, Operating cost (Q4FY20) declined on a YoY basis; Logistics was down 3% and Consolidated net debt reduced by INR52b to INR168.6b in 4QFY20.