Nilkamal Ltd.'s (NILK) Q4FY20 result was beat to our estimates. Despite muted sales in second half of March, 2020, the company's net sales declined just by 1.5% YoY to Rs5,615mn. EBITDA came in at Rs706mn, up by 26.5% YoY, while PAT stood at Rs318mn, increased by 4.9% YoY. Nationwide lockdown completely halted NILK's production facilities in April and few facilities resumed production in May. However since June all the plants are operational. The management has guided subdued Q1FY21E and business to normalize in Q3FY21E. On positive side, NILK's extensive distribution network, direct connect with the industrial customers and strong brand recall amongst retail customers will enable it to...