Strong PAT, flat volumes; structural tailwinds ahead

Delivered ₹2,473.4 Cr, 17% YoY growth matches exactly

Delivered ₹154.9 Cr, 64.6% YoY; call stated 65%, rounding difference

Consistent with growth trajectory, no delivered EBITDA reported but implied by margins

Call states volume flat, contradicts prior 'high single-digit growth' guidance for FY27

Explicitly disclosed by CFO; implies ₹20-30 Cr of PAT is non-sustainable

Current quarter 62% below target; new CEO hedged and deferred reconfirmation

Organic specialty growth on strong product mix and customer acceptance

Reflects steady home demand; export volumes diverted to domestic spot for margins

Stated 'high single-digit volume growth' FY27, but Q1 came in flat (153,513 MT steady); Q2 expected soft; backloading to H2

New CEO Rohit Narang explicitly deferred reconfirmation; said 'early days, trying to understand baseline'—no new guidance given

Targeting ₹36-38/kg sustainable (vs ₹31/kg prior run-rate), via pricing discipline and selective volume rejection; ₹44-45/kg Q1 is peak

23% YoY growth, new grades, customer acceptance in premium markets; long-term shift to higher-margin grades validated

Nanovace pilot up, Palej super-conductive facility live, acetylene black engineering completed; multi-geography R&D (India, Australia, Europe)

₹70 Cr inventory gain on low-cost oil; ₹40-50 Cr reversal expected Q2; net ₹20-30 Cr sustainable Q1 boost

₹40-45 Cr total (PCBL + Aquapharm); expected 2-4 weeks; accounting treatment TBD with auditors

Similar to last year Q1 (₹19,500/ton); current ₹20,500/ton sustainable, but expect Q2 hiccups from inventory; full year similar

Targeting ₹36-38/kg via pricing discipline and selective low-margin volume rejection; upward movement in EBITDA/ton expected

Deliberate: diverted export to domestic spot (better margins), formula price lag (inventory timing), customer inventory pull. Destocking happening; volumes to pick up Q3-Q4

Business plan being finalized with OEM; capex approval expected by Q2; raw material availability confirmed for planned capacity

Rohit (new CEO): 'Early days for me, trying to understand stable run-rate deeply. Will provide details in subsequent quarters.'

Q1 ₹22,900/ton; FY27 targeting 14-15% improvement over FY26 avg EBITDA = ₹16,500-17,000/ton

Yes; Q1-Q2 timing issue, domestic customers pushing volumes to later quarters; expect strong growth Q3-Q4, year should deliver high single-digit

Pilot live, sampling starting in August weeks; extremely bullish on battery materials space; continuing to hold ₹1,000 Cr EBITDA target

Q1 flat, Q2 expected soft; H2 ramp expected; tariff/FTA tailwinds to drive growth Q3-Q4

New CEO deferred ₹75 Cr quarterly EBITDA target reconfirmation; expects 'better numbers in FY27' but no specifics

Q1 achieved ₹22,900/ton (inflated by inventory gain); management targeting ₹36-38/kg gross profit sustainable via pricing discipline

Capacity utilization low; inventory adjustment in Q2 will create headwinds; long-term run-rate improved but volatile near-term

Andhra facility expansion to happen mostly in FY28; Q1 capex mainly maintenance/productivity enhancement

Q1 volumes flat despite guidance; Q2 expected soft; H2 recovery dependent on tariff-driven contract wins and customer destocking reversal

₹70 Cr Q1 inventory gain on low-cost oil; ₹40-50 Cr reversal in Q2 implies PAT headwind. Q1 PAT inflated ₹70 Cr, actual organic ~₹85 Cr.

Elevated ocean freight (Middle East geopolitical crisis) forced deliberate export volume reduction; international margin compression until freight normalizes

New CEO Rohit Narang (25 years Eastman experience) joined; ₹47 Cr EBITDA this quarter vs ₹75 Cr quarterly target (37% short). CEO explicitly deferred reconfirmation of ₹75 Cr run-rate.

Structural tailwind case depends on India-US tariff advantage and EU FTA ratification. Both could reverse with trade policy shifts; Russia supply gap also assumes continued Ukraine conflict