The operational performance of Aarti Industries (CMP: Rs 924; Market Cap: Rs 33,491 crore) in the quarter gone by exceeded our expectations on both topline and margins. While discretionary demand has apparently returned to pre-COVID levels, despite the second wave of COVID in India, the company was able to pass on the increased inputs costs to end clients. Ability to quickly harness demand in the macro recovery phase and display of pricing power adds to our constructive view on the...