The EBITDA margin of the coverage universe is likely to see a decline of 462 bps YoY mainly due to unfavourable base and higher raw material prices. Prices of key raw material such as TiO2, VAM, PVC have almost doubled from the base period, which has dented gross margins of the companies. While the companies have already initiated price hikes, the actual impact of this hike will be visible from Q4FY22 onwards. Under our coverage universe paint and adhesive companies are likely to witness higher decline in EBITDA margin to the tune of 310-900 bps YoY mainly to...