In Q2FY24E, we expect weak performance from the specialty chemicals industry. The revenue is expected to fall by 13.0% YoY and +12.7% QoQ for the chemical companies under our coverage universe. We expect positive growth for Tatva Chintan (in Structure Directing Agent (SDA) segment), Laxmi Organic (long-term contracts signed in specialty intermediate business), Supreme Petrochem (volume growth) and Rossari Biotech (strategic initiatives of integrating Unitop and Tristar).