Unlike street expectations, ICICI Securities see risk to NTCF (technical textiles for SRF) spreads in coming quarters due to significantly lower prices of imports, and 3x YoY jump in imported volumes. R-22 prices are stable at Rs192 while fluorspar prices are low. Packaging films (BOPET and BOPP) have seen stable to slight decline in margins and, considering SRF’s margin contraction in Q2FY22, we expect the spread to shrink in the coming months. Lauryl alcohol prices have risen significantly and LAB price increase, though relatively lower YoY, is fast catching up. Rossari Biotech’s key raw materials have seen sharp price inflation, which is now stabilising but at higher levels. Pigment prices too have increased, but are still lower than input inflation, which has resulted in contraction of margins for Sudarshan in Q2FY22. EPL should benefit from moderation in polymer prices in the coming quarters, while we have saw a marginal rise in Q2FY22 itself. (Note: All prices stated...