NOCIL reported a beat on our EBITDA estimate (at INR36/kg, +16% QoQ), with an improvement in realization (to INR282/kg, +3% QoQ). Raw material costs in 3QFY22 were higher due to a sharp increase in commodity chemical prices. Volumes fell 6% YoY, but were flat QoQ at 13.8kmt. The management's focus will be on growing its volumes, which it has been successfully doing so. We expect volumes sold to rise by over 10% YoY, with revenue growth of a minimum 45% YoY in FY22. There is ongoing ADD investigation on three of NOCIL's products, even though...