Looking ahead, ARTO is expected to continue to trim down the volumes of base chemicals, which might impact its near-term volume growth. However, we believe that higher share of value-added products augurs well for ARTO in the long-term. We continue to remain enthused with ARTO’s leadership position, long-term growth prospects, multi-year long-term deals, aggressive capex and focus on value-added products. Factoring in the revenue miss in 2QFY20, we cut our revenue estimate by 12% each for FY20E/FY21E, while keeping our EBITDA/ PAT estimates largely unchanged. Expecting ARTO’s EBITDA to clock 16% CAGR over FY19- 21E, we maintain our BUY recommendation on the stock with a Target Price of Rs929, which implies 16% upside from the current level.