We initiate coverage on Oriental Carbon & Chemicals (OCCL) with a BUY and TP of Rs1,287. OCCL, India's leading Insoluble Sulphur (IS) manufacturer, has consistently registered higher EBITDA margins and cash flow generation capacity along with a rising market share over the last 10 years in an oligopolistic industry for a critical tyre component. In the light of growing IS demand, OCCL is increasing its capacity, which it has efficaciously done before, and is poised to benefit from higher IS demand due to growth in high-performance tyres and rising radialisation of...