Strong YoY growth clouded by supply chain drag and guidance cut

Revenue +25.9% YoY; Q1 historically weakest quarter; QoQ revenue down 15%

March zero shipments; recovered to ~15% of business by Q1 end; 30% of June goods unshipped due to container shortage

Stated repeatedly; yet 15% QoQ revenue decline and supply chain constraints preventing shipment of 30% of ready goods

Brand confirmed at 20%+ CAGR; Q1 growth confirmed at 30%+ YoY

Delivered 17.7% EBITDA margin; freight impact ~3% would give ~20.7% adjusted; tariff benefit ₹7 Cr artificially boosted Q1

Prior: ₹925–1,000 Cr (contingent on geopolitical stabilization). Current: upwards of ₹900 Cr. Signals management hedging given West Asia remains at ~15% of business, not normalizing.

Q1 absorbed 3% margin impact; from Q2 onwards passing 65–75% to customers (major markets like US). Mitigates near-term margin compression vs. prior call's uncertainty.

USD 2.08 million received (₹19.7 Cr); ₹7 Cr booked in Q1 EBITDA, rest in balance sheet. Plus USD 2.8 million legal win (pending collection). One-time benefits not sustainable.

On track for ₹40–50 Cr FY27; full capacity ₹275 Cr in 2–3 years (FY30). Q1 only 15 containers shipped; ramp slower than optimistic scenarios.

Reached 3,000 US stores (up from 2,000 prior quarter); 60% existing store growth, 40% new listings. 3x–4x CAGR trajectory confirmed but still growth-stage requiring investment.

Trial production ended March FY26; 15 containers shipped Q1. Full capacity 2–3 years away. Will reach ~30% utilization in FY27.

Cannot share chain-level data. Encouraging: repeat orders consistent, new listings from other store performance, optimistic on mainstream growth.

Freight impact ~3% of margins. Sustainable high-teens (16–18%). Major markets like US 65–75% freight pass-through from Q2.

Upwards of ₹900 Cr goal; cautiously optimistic if geopolitical situations ease; dependent on normalization.

30% of June goods unshipped due to container shortage. Strong order book but shipping constraint. Carry-forward to Q2 and potentially Q3 if crisis persists.

Freight impact ate margins; operating leverage will kick in. Capability building (Surat) not yet impacting margins. Expect return to high-teens.

Received May 2026. Benefits from June onwards: faster customs, reduced inspections, reduced port stuck-up time. Premature to quantify but helps inventory turns and cash conversion.

Mix: 60% existing store growth, 40% new listings. Encouraged by consumer acceptance and retailer repeat orders.

Excludes tariff refund. Q1 at 14% adjusted (freight-impacted). 9-month guidance 16–17% as freight pass-through kicks in and operating leverage flows.

PLI is brand-building; investment % to sales declines as brands scale. Ashoka investment % to sales already declining. Balanced via leverage and Surat ramp.

Competition mainly from local American producers, not Indian players. Team fully staffed; no more US hiring expected.

March zero shipments; recovered to ~15% by end of Q1. Freight high but now passing on 65–75% to customers from Q2.

Mainstream customers: ADF absorbed most tariffs. Rest of chain: tariffs shared. Strong procurement and manufacturing automation helped offset margin hit.

Q1 historically weakest quarter. Could have delivered higher in June but container shortage limited shipments. Order book strongest ever; supply chain is the bottleneck, not demand.

Yes. Ireland subsidiary for EU operational efficiencies. Teams in UK and Europe for new distributors. FTAs (especially EU, UK) will benefit as geopolitical stabilises.

Down from prior ₹925–1,000 Cr (base case) or ₹800–850 Cr (Middle East zero scenario). Current guidance assumes cautious recovery in geopolitics; supply chain risk remains.

Q1 delivered 17.7% (17.6% prior year). Freight pass-through (65–75% to customers) from Q2 onwards to restore margins. Surat operating leverage to flow through H2.

Depreciation to increase by ₹20–25 Cr (incremental) once Phase 2 lines capitalised in Q3/Q4; additional depreciation from new machinery.

30% of June goods unshipped due to container shortage; shipping companies report Indian ports being skipped. Order book strongest ever but realisation delayed.

West Asia represents ~15% of business. March 2026 zero shipments; recovering but freight rates elevated. Further escalation could close markets or spike costs.

10% US tariff rate expired July 24, 2026. Future rate path unclear. Company won USD 2.8 million legal case but collection pending. Tariff refund of ₹19.7 Cr received; balance locked in balance sheet.

Freight costs impacting ~3% of EBITDA margins in Q1. Elevated fuel and vessel shortages cited as ongoing. Passing on 65–75% to customers but absorption remains.

PLI (Production-Linked Incentive) benefit of ₹16 Cr (~2% EBITDA margin) ends post-FY27. Management hedging with 'investment % to sales will decline as brands mature' but not providing quantified impact.

Surat facility started Q4 FY26; targeting ₹40–50 Cr FY27 (~30% utilization). Full capacity ₹275 Cr requires 2–3 years. New products launched few weeks ago; early acceptance but repeat order cycle still pending.