Margins bright, volumes dim — Q1 masks FX volatility masking execution

₹1,074 Cr vs ₹985 Cr in Q1 FY26 = 9.0% growth

36.7% vs 35.5% = 120 bps expansion confirmed

₹178 Cr vs ~₹142 Cr implied from 14.4% margin = 25% growth

Verbatim from MD breakdown in Q&A; accounts for 9% total growth

Europe margin 44.2% vs 42.9% YoY = 130 bps gain; softness attributed to heatwave distributor cutback

FOREX gain ₹7.5 Cr vs ₹73.1 Cr YoY = ₹65.6 Cr swing; without FOREX, PBT up 16%

16.6% in Q1; management says annualized will be 18–20% due to D&A normalizing. D&A Q1: ₹100 Cr (annualized: ₹370–375 Cr)

Prior: 'around 35%'. Delivered 36.7%. Implies 35–37% is now expected range, but within prior intent.

Prior 3 years: <100 total; prior 3 years (21–23): 300. Q1 added 5 (3 Europe, 2 NAFTA). Implies stalled approval process or weaker pipeline momentum.

FY26 was ₹325 Cr. Additional ₹45–50 Cr annual burden from 2-year ₹450–500 Cr CAPEX investments now amortizing.

Q1 delivered 16.6%; management says annualized 18–20% on lower per-quarter D&A run-rate.

Full-year guidance unchanged; Q1 miss attributed to Europe weather and distributor cutback. Recovery expected Q2–Q4.

Volume -1.6%, FX +12.7%, product mix -2.1%. All growth is FX-driven; volume actually negative.

Q1 FY26 had 10% Euro appreciation (sharp, exceptional). Current Q1 has 1% Euro depreciation. Gains/losses come from repricing of foreign receivables/payables on balance sheet date.

Has improved and reached normality in most cases.

Depends how you look at it. Investing ₹450–500 Cr annually. Registration process is uncertain; results will show.

Q1 unusual (heavy data compensation). Full-year guidance: could be ₹480, ₹500, or ₹550.

New products contribute to better margins; immediate volume impact is lesser due to customer acceptance cycle.

Between 35% to 37%. [Refused to go deeper into regional detail: 'Very detailed calculation, cannot be explained on phone.']

Prices are improving. Took severe beating 2 years back; now stabilized and slowly improving.

All factors along with weather conditions. Cannot rule out some pre-buying/stocking, but not a strong trend.

18% to 20%. [Reaffirmed consistently.]

Maintained from prior guidance; Q1 at 9% on track for 10–15% if subsequent quarters deliver. Volume growth 5–10% expected full-year vs -1.6% Q1.

Q1 delivered 36.7%, within range. Guidance clarified to range (was 'around 35%'). Depends on Europe volume recovery and mix.

Q1: 16.6%, below range. Management says annualized 18–20% on normalized D&A run-rate (Q1 had heavy amortization).

Q1: ₹273 Cr (unusual due to heavy data compensation). Expressed as range rather than fixed, acknowledging registration pipeline uncertainty.

Added only 5 registrations Q1 vs 100+ in prior 3-year period. 1,027 applications pending, but approval timeline uncertain. Slowdown suggests regulatory tightness or market saturation.

Q1 volume growth -1.6% despite 9% reported revenue growth. All growth FX-driven. Full-year guidance assumes 5–10% volume growth; Q1 miss suggests execution or market headwind.

Sourcing entirely in USD; sales in EUR, USD, others. FOREX gain swung ₹65.6 Cr (₹73.1 Cr to ₹7.5 Cr). Euro-USD moved 1.16–1.17 to 1.14. PAT volatility masks operating leverage.

LATAM margin collapsed 1,110 bps YoY to 16.9% despite volume growth. NAFTA pricing up significantly, but LATAM suggests competitive pricing pressure.

Q1 softening blamed on 'unusual heatwave' and distributor cutback. Recovery is assumption, not guaranteed. Geopolitical/weather impacts 'not under our control'.