Vinati Organics (VOL) reported muted revenues of Rs 1.4bn (-6% YoY, -16% QoQ) in 2QFY17. Decline was led by annual maintenance shutdown, which shifted from 1Q to 2Q and ban on movement of heavy cargo vehicles for ~10 days during Ganpati festival. EBITDA margins were strong at 32.9% ( 712bps YoY) owing to the additions of two new specialty products in 1QFY17.