While there has been improvement in net WC days and the company is now net debt free, topline growth is key for a company with sales of only INR19b. The likelihood of 15% sales growth continues to appear difficult. Sales growth CAGR has been 3.7% in the preceding five years. With margin likely to under pressure due to material cost increase, earnings growth prospects remain weak. Maintain Neutral Double-digit volume growth, overall performance below our expectation...