We expect the companies under our chemicals coverage to report strong revenue growth (25.9% YoY) mainly led by restoration of demand in end-user industries, base effect and higher realization (raw material price increase pass on). We expect double-digit volume growth for most companies under our universe. Increased freight costs due to severe disruptions on supply routes continued to impact imports, resulting in a surge in selective chemical prices in the domestic market. The growth trajectory from the export market looks promising with the commissioning of new capacity for selective players. We believe that most chemical companies have ramped up their utilization levels, resulting in margin normalization. Overall, our Chemical coverage would post a Revenue/EBITDA/PAT growth of 25.9%/14.2%/14.1% YoY in Q3FY22. We expect the EBITDA margin of our coverage universe to contract by 187bps YoY, owing to elevated input costs, freight and power costs....