AARTI Industries Ltd (ARTO) is a global leader in Benzene based derivative products. The company has a diversified product portfolio with end users in pharma, agrochemicals, specialty polymers, paints & pigments. Q4FY21 revenue grew by 12% YoY, led by revival in specialty chemicals & stable growth in Pharma segment. EBITDA margins improved by 120bps YoY to 21.5% led by better volume & value added products. PAT grew by 23% YoY. Revival in discretionary portfolio ~40% of specialty chemicals (Auto, industrial, dyes/pigments) to pre-Covid levels is positive. Focus is on new products/import substitutes, by value addition...