We maintain our FY22/23 estimates for Aarti Industries (AIL) as our estimates capture aggressive earnings growth of 30.6%CAGR over FY21-24E. For Q1, AIL reported strong profits with EBIDTA/PAT of Rs3bn (+23%Q/Q; PLe Rs2.3bn) and Rs1.6bn (+21%Q/Q; PLe Rs1.3bn) fueled by rising demand and operating leverage from higher utilization. AIL plans to invest Rs50bn over...