Vinati Organics Ltd (VOL) enjoys global leadership in two specialty chemicals, with market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2-Methylpropane Sulfonic Acid). Q2FY21 revenue declined by 11% YoY as contribution from ATBS business declined due to slowdown in oil & Gas sector. EBIDTA margins fell by 240bps YoY to 38.3% due to lower contribution from high margin ATBS is the sales mix. Given weakness in Oil & Gas, we expect revenue & profitability growth to be subdued in the near term. But we expect revival in...