delay in decision making. We expect Voltamp to report muted volume CAGR over next two years (FY20-22E) owing to weak economic environment. Management indicated that once the situation starts normalizing they expect sectors like Infra, Water, Mining, Oil & Gas, Airports, Defence, Pharma, Chemicals, Data Centers and Renewables to improve going ahead. We remain positive on the company due to strong business model, debt free balance sheet and consistent free cash flow generation (current cash + Investments of ~Rs5.4bn). We have modelled revenue/PAT to grow at CAGR...