Despite premium valuation, we upgrade HAVL to Hold from Sell considering sharp turnaround in earnings. Q2 Revenue & PAT grew by 10% & 79% YoY, as demand revived with ease in restriction and strong operating performance. EBITDA margin improved by 130bps YoY to 17.2% on account of better product mix and significant cost rationalisation. We upgrade our EPS estimates by 63% & 11% for FY21E & FY22E, given sharp turnaround in earnings....