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). Q3FY21 revenue declined by 6% YoY on account of lower contribution from ATBS business, as oil & Gas sector was subdued. EBIDTA margins fell by 250bps YoY to 32.3% due to lower contribution from high margin ATBS is the sales mix and higher cost. Going ahead, revenue & profitability to see upward trajectory in FY22 led by contribution from new product Butyl phenols, improved off-take from IBB & gradual revival in ATBS. Niche product portfolio, new value added products and improving...