Volume recovery offset by margin squeeze; pricing rollover ahead

6,323 MT vs 5,056 MT Q4 = 25.1% production growth; sales 6,090 vs 5,813 = 4.7%

39.5% vs 41.9% Q4 (240 bps compression); only 39.3% Q1 FY26 (flat YoY)

14.3% vs 14.8% Q4 (50 bps compression); down from 18.2% Q1 FY26 (380 bps YoY)

Domestic 100% passed; largest customer 8-week rollover; 50% of remainder 50% passed

Q1 domestic flat YoY and QoQ; delayed by deliberate 8-week pricing negotiation pause

From 12% FY26 to 19% Q1 FY27; growing with marquee accounts, new product inquiries, 'significant opportunity' in discussion

Flat YoY and QoQ at ₹26 Cr; deliberate pause for Khatalwada setup and full price negotiation (8 weeks), but misses near-term guidance

New stated working assumption for 41,000 MT base (9 months remaining); hedged as 'current working assumption' given geopolitical risk

Gross margin 39.5% (240 bps compression QoQ); EBITDA down 20% YoY; management now guides 'better than last year' for FY27 but no recovery to prior 18-19% until 80% utilization

Phase 1 confirmed ₹15 Cr for ₹60 Cr revenue; potential Phase 2 capex noted but not quantified; no change to Phase 1 guidance

Not loss, week-level delays. ₹5.5 Cr spilled to July: ₹3 Cr export, ₹2.5 Cr domestic in transit.

Raw material 40-50%; ₹60-70% of cost to customer; 15% pricing passed on sales. Q2 rollover benefit from largest customer, 50% from remainder, full domestic.

8 weeks for pricing negotiation in Q1; now orders flowing. Domestic 100% price passed; Khatalwada ramp complete; order book full.

No; different price points and end consumers. Expands addressable market; opens new customers.

20-25 stores in 2-3 years; ₹40-50 Lakh per store per month. Import substitution items also opportunity.

At 80% utilization. FY27 better than FY26 but won't commit to 16-17%.

Anchored on strong order book, pricing confirmed, demand 'better than expected'; contingent on geopolitical stability and raw material normalization

Achieved; reflected supply disruption impact and pricing lag

No FY27 specific margin target given; management hedges on product mix and fixed cost absorption; depends on utilization ramp

Q1 39.5% in line; margin stable YoY despite input inflation absorption; pricing benefits to flow Q2+

On track; machinery shipped, installation Sep 2026, commercial Q4 FY27

Orders placed; arrival Q3, commissioning Q4

Delayed pending project clarity with customers; deliberate to avoid generic investment amid volatility

Forward consideration; Phase 1 ₹15 Cr confirmed

West Asia crisis triggered 40-50% polymer price swings, container non-availability, extended transit times. ₹5.5 Cr Q1 sales deferred by logistics. Hedges on FY27 guidance contingent on normalization.

EBITDA down 20% YoY despite 25% volume growth; Khatalwada higher fixed cost base not yet absorbed at 65% utilization. Margin recovery requires 75-80% utilization.

Largest customer on structured pass-through with 8-week rollover mechanism; pricing agreed but benefits delayed to Q2. Publicly announced aggressive 20-25 store expansion in India; single-customer revenue concentration implicit.

Domestic flat YoY and QoQ at ₹26 Cr in Q1; management attributes to deliberate 8-week pricing negotiation pause and Khatalwada ramp. 30-35% growth target now forward-looking (Q2+) but execution unproven.

Bamboo Phase 1 commences Q4 FY27 (3,000 CBM capacity); customer samples well-received but commercial viability unproven. Management claims no cannibalization but single company pursuing dual product lines carries execution risk.