35% growth masks margin squeeze; diversification delayed

YoY marked n/a in results; Q1 only INR 5 Cr from quartz launch, rest from granite segment

Q1 delivered OPM 25.5%, NPM 15.7%; margin down 190 bps YoY due to diesel spike INR 85→130/L

Only 5 Cr in Q1; ramp to 10-12k tons Q2, 15k+ by Q4. Capex ₹125 Cr Phase 2 deferred. Achievable but aggressive from 5 Cr base

License still pending despite policy finalized; ground-breaking October, ops expected FY29 (18-month delay from prior timeline)

MOU signed Q1; JV structure still evolving. FY29 revenue expected per latest call. No committed capex yet.

Prior: 150k tons. Now: 120k tons. Reason: technical glitches resolved this quarter. Revenue impact: FY27 quartz now ₹100-120 Cr (vs prior implicit higher base).

Prior: Quartz ₹400 Cr, SMS ₹350-400 Cr, Kerala ₹200 Cr in 3-4 years (FY28-FY29). Now: Quartz ₹180-200 Cr FY28 (slower), SMS & rare earths FY29+ (18-month delay on SMS due to policy lag, KMML stalled).

Expected 12-15 months from license (Q3 FY27). License still pending; ground-breaking October → operations FY29 vs prior FY27-FY28 expectation.

INR 840 Cr reaffirmed (vs 645 Cr prior year). Quartz contribution only ₹100-120 Cr (not the ₹400 Cr eventual target), rest from granite ₹720 Cr.

5k tons Q1. Q2 target 10-12k, Q4 exceed 15k. Phase 2 capex ₹125 Cr split FY27-FY28, commission 10-12 months.

Q3 breakeven at 10k tons/month; profit by year-end FY27. Next year optimum profitability.

6-month delay due to policy. Ground-breaking October, 12-15 months build-out, ops expected next quarter (FY29 implied).

Capex higher than Kerala (overseas project, mining vs existing tailings). Specific number in 45-60 days (project report stage). Heavy rare earths 4-5x more margin than light. Payback typical for rare earth projects (not quantified).

No, technical glitches resolved. Now 120k tons FY27. All guidance numbers based on 120k, not 150k.

Conservative approach (promise less, over-deliver). Q3 rains will reduce granite production. These are conservative estimates; confident we'll beat if things go as planned.

Already taken 3-5% price increase in granite. Volume growth primary lever. If fuel remains high, can take more. FOB freight always to customer.

Phase 1 quartz EBITDA 30%+. Blended EBITDA FY28 ~29-30% (vs FY27 lower due to quartz ramp absorption).

Policy finalized, ratified this quarter. Formal communication received to reconfirm capacities/timelines/investment. Final project report submission Q1 FY27, license expected this quarter, development next quarter onwards.

No activity this quarter. New government settling in, no MD appointed yet. Bureaucratic delays. Hoping once MD/team in place by Q1 FY27, activity resumes Q2 FY27 onwards.

Kerala is pilot (insignificant cost unless commercial plant). Phase 2 fresh equity raised (not capex). Granite capex met from cash flows. Sri Lanka ₹120-150 Cr from internal accruals. Gearing 0.2x, leverage available.

Two JVs planned. First: mine-to-oxide (Midwest Limited), second: oxide-to-magnet (Midwest Energy). NFPTC tech partner only. Capital between PERMINAS & Midwest Limited on first JV.

Granite overall 32-33% revenue growth. Black Galaxy volume ~10% (both Absolute Black and Black Galaxy 10% volume).

FOB basis freight always customer responsibility. Some CIF deals exist, freight passed through. Costing doesn't include freight, so impact minimal.

Yes, seasonal. Q4 peak (30-40% annual revenue) due to Chinese New Year buying. Q1 typically lower. Best to compare YoY Q1 vs Q1 (up 35%).

Sri Lanka in licensing phase. License → build → operations. Estimating FY29 revenue start, not FY28. Conservative, very initial stages.

Formed company for local work and due diligence. No update Q1. Looked at few concessions with local issues. Minimal/no spend. Logistics only. Update next quarter if progress.

Granite ₹720 Cr (10-12% growth reaffirmed, beaten YoY at 30%+). Quartz ₹100-120 Cr. Q3 rains may reduce granite, but overall achievable.

Quartz ramp assumption 15k tons/month runrate by Q4 FY27; requires execution. Phase 2 commissioning timeline uncertain (10-12 month window). Granite conservative at 10-12% (beat this YoY).

Too early stage. Sri Lanka license pending (expected Q3 FY27), ops FY29. Indonesia JV structure evolving, capex/timeline TBD by end FY27.

Q1 OPM 25.5% (down 190 bps YoY). Management expects Q2 improvement as fuel prices moderate, electrification opex gains materialize, and realization holds.

Assumes quartz reaches stable margin profile at 15k tons/month. Phase 1 capex depreciation will be full-year impact. Granite needs to hold margin vs diesel risk.

Suppliers finalized, orders placed. Cash spend profile clear. Commission within 10-12 months (by Q4 FY27 likely).

License still pending. Once obtained, capex from internal accruals. Timeline assumes no further delays.

Project report stage. Ore-to-oxide phase less capex-intensive than oxide-to-magnet. Overseas project capex typically higher. JV equity split and capex proportion unknown.

Diesel 13% of cost. Q1 saw INR 85→130/L spike (52% increase). EBITDA down 190 bps despite 35% revenue growth. Electrification hedges ~50-60% of impact, leaves ₹20-30 Cr annual exposure if sustained.

Quartz Phase 1 already missed 150k tons FY27 target (now 120k). Q1 only ₹5 Cr; FY27 target ₹100-120 Cr requires 20-24x ramp in 3Q. Technical glitches 'resolved' but unproven at scale. Phase 2 commissioning (10-12 months) adds execution risk.

License pending 12+ months. Policy finalized Q1 FY27, but license not yet issued. Ground-breaking expected October, 12-15 months to ops = FY29 start (vs prior expectation FY27-FY28). ₹120-150 Cr capex deferred; revenue contribution pushed 18-24 months later.

No activity Q1 FY27. New government settling in, MD not appointed. KMML internal bureaucratic delays. Prior target ₹200 Cr revenue; timeline now vague (pending MD/team appointment). Opportunity cost vs Indonesia/Sri Lanka prioritization.

MoU signed but JV structure evolving (two JVs: mine-to-oxide Midwest, oxide-to-magnet Energy). Capex amount, equity % split with PERMINAS, timeline all TBD (45-60 day project report). FY29 revenue expected but too early for commitment. Rare earths margin profile attractive but execution unproven.

Bulk of granite exports to China (61-65% engineered stone + solar segments). Chinese New Year drives Q4 peak (30-40% annual revenue). Geopolitical risk (US-China relations, tariffs) and seasonality create Q1 softness. FOB freight insulates from shipping but not commodity/trade policy.