Domestic growth offsets export miss; recovery targets ambitious

PAT down 33.4% YoY; margin improved 174 bps QoQ only

Domestic ₹64 Cr with +10% QoQ growth confirmed in results

12.5% OPM delivered; QoQ expansion confirmed but still 150-250 bps below 14-15% historical target

Revenue -10.6% YoY, PAT -33.4% YoY contradicts resilience narrative

EN812 caps, FR workwear launched; SMILE program reached 1,000+ resellers — credible execution

Q1 delivered -10.6% YoY vs. prior FY26 guidance of minimum 10-12% growth for FY27; management refuses formal revision but admits ₹1000 Cr long-term target is "a stretch"

Domestic revenue ₹64 Cr, highest Q1 ever, +10% QoQ; SMILE reseller program to 1,000+; shift to 50-50 India/export split by year-end (vs. historical 40/60)

Sanand three-line ramp underway; EN812 caps and FR workwear launched; cost pass-through in own-brand market faster than white-label (lagging into Q2-Q3)

Europe recovery delayed; West Asia crisis, port congestion, demand weakness acknowledged; US tariff uncertainty rising; Latin America facing stock overhang

Yes, India-Europe and India-UK FTA driving inquiries; exploring African markets due to rising safety regulation; value-added product mix shift happening.

Crude-linked products still elevated; roughly 60-70% export planned/contract, 30% spot; gradually passing on cost to customers; lag between experience and pass-through.

That's what we are targeting, yes; trade deal next year will help; more orders flowing, positivity around India-EU deal.

Newer investments done for domestic and branded market primarily; securing some contracts but business environment uncertain; hopeful based on footwear/workwear progress.

Yearly target ₹40 Cr minimum; two lines now three with helmet, foam, nasal cap production; further capacity increase planned.

Big in international and Middle East markets; oil, gas, steel, arc flash applications; we did white-label before; now own brand with own certification and customer piggybacking.

Own brand faster pass-through than white-label; long-term contracts with dealers lock in prices; price rises industry-wide, not just us; lag is timing, not structural.

40+ year export history; last 5-7 years tumultuous (COVID, wars, tariffs); cyclical market; still confident; free trade agreements working (Australia, UAE); patient approach; have right products and pricing.

Almost 60-70% now value-added; plan more product development, market research, adaptation from developed countries, new launches every year.

It's a stretch now but won't revise because if we lower it, we stop striving for it; manufacturing capability, distribution, geographies, trade agreements, bigger contracts are levers.

Kusumgar is textile mill, not garmenter; supplies us; not comparable; we are garmenting downstream; apples-to-apples comparison needed.

Yes, looking to increase from here; both top-line and bottom-line; improved profitability last couple of quarters; export market needs work.

Skeptical; working 2-3 years, some wins; tariff situation keeps changing; week-to-week uncertainty; making regular visits; importers skeptical too; win small accounts, scale up.

Much more competitive now; level playing field vs. neighboring countries; UK sourced from Pakistan/China; still convincing them; decent customer base in Europe; more inquiries expected next year.

Hopeful; domestic more confident; export depends on situation; maintaining top-line guidance.

That looks very realistic now.

Own manufactured; gumboots, bump caps, FR garments all own manufactured; headgear already in Sanand, exporting to Europe.

Indian market evolving YoY; labor law tailwind; more manufacturing, export-oriented; foreign companies setting up; safety awareness rising; brand recall showing; faster entry speed.

WC borrowing same level due to continued machinery CAPEX for capacity; term loans taken for Sanand refinancing; some incentives to claim.

Started cost pass-through exercise in March; cost stabilized post-March volatility; Sanand ramp-up helping absorption; aim to return to regular 14-15% margin profile; volume focus going ahead.

Cost increases fully passed to customers, beginning of quarter; no under-recovery there; no FOREX gain because mostly hedged.

European economy recovering; gaining market share; trade agreement when signed; logistics clearing; purchasing cycles resuming; new product categories helping; existing customers increased purchases; won one new UK customer; South Europe (Portugal, Spain, Italy, Turkey) new customers; Russia new customers; targeting France, Benelux, Nordics.

Guidance maintained despite Q1 -10.6% YoY miss; domestic +10% QoQ is bright spot; export recovery hinges on trade agreement timing and macro normalization; aspirational but with execution risk

Q1 achieved 12.5%; 150-250 bps gap remains; management cites Sanand ramp and volume absorption; no explicit timing given for 14-15% achievement

Sanand machinery expansion ongoing; three lines operational; further capacity increase planned; capex for machinery, not land/buildings

Europe 40%+ of export revenue; Q1 down ₹20 Cr Q1-to-Q1; US market described as "skeptical" due to tariff uncertainty; West Asia crisis impacting Middle East; LATAM customers holding inventory

RM costs still elevated; pass-through lag between cost rise (March-April) and customer price hikes; white-label contracts lock in old prices; long-term agreements with dealers slow repricing; 3M, Honeywell pricing competition

Sanand plant capex was supposed to unlock bigger LATAM contracts; three lines now operational but targeting ₹40 Cr for full year (high bar from small base); analyst questioned whether capex ROI is being realized; no major new contracts announced

FY27 revenue growth guidance (minimum 10-12%) missed in Q1 at -10.6% YoY; ₹1000 Cr long-term guidance now admittedly "a stretch" but management refuses to revise it formally; suggests aggressive posture may not be backed by execution

West Asia crisis impacting Middle East shipments (containers stuck at sea); US tariff news changing week-to-week; European economy in weak shape for 6+ months; port congestion delaying deliveries and procurement; China-to-India diversification opportunity not yet translating to orders