Yes, agree. Basically, few catalysts working in syc for the company:
1) Crude falling gives them competitive advantage in the export market.Today, Export EBITDA/tonne is beating domestic margin.
2) With rising volumes and internal effiencies, they are getting strong operating levarage. Look at Q4FY17 EBITDA tonne of Rs9400.
3) Focusing to add higher volumes of Specialty carbon where margins are 3-5x. Doubling that capacity to 24k tonnes. Although small volumes compared to 400k t of carbon black, but EBITDA contribution by 2020 will be much higher.
4)Expanding with modest capex. Credit profile to witness strong improvement further.
5) Company will be under MAT for coming three years.