Key raw materials such as titanium dioxide (TiO2), vinyl acetate monomer (VAM), aluminium, high density polyethylene (HDPE), low density polyethylene (LDPE) witnessed upward movement in the range of 9-60% YoY. We believe limited price hike against the steep rise in raw material prices is likely to weigh on gross margins. As a result, the EBITDA margins of coverage companies are likely to decline 245 bps YoY. However, on a sequential basis the EBITDA margin is likely to remain flat supported by price hikes taken by the companies....