Kajaria Q1: consolidated PAT +55% YoY to ₹171 Cr on margin expansion, volume gains
PAT +55.05% YoY · revenue +20.43% · margins expanding
₹1,328.08 Cr
+20.43% YoY
₹171.03 Cr
+55.05% YoY
12.71%
+2.8pp YoY
₹10.64
Kajaria Ceramics opened FY27 with a strong print. Consolidated revenue rose 20.4% YoY to ₹1,328.08 Cr and net profit jumped 55% YoY to ₹171.03 Cr (₹110.31 Cr a year ago), with net margin widening to ~12.9% from ~10.0%. The sequential optics (revenue −3.3%, PAT +9.2% QoQ) are the normal seasonal step-down from a peak March quarter and are not the story — the YoY acceleration is. Standalone tells the same story (revenue +18.1%, PAT +56.3% YoY to ₹155.77 Cr), so basis divergence is immaterial.
Q1 FY-2027 vs prior quarters
The driver is the volume and market-share tailwind management flagged on the Q4 call — gains from the Morbi supply disruption — feeding an operating-margin expansion to roughly 19.6% (segment operating profit ~₹218 Cr plus depreciation over revenue) from ~17% a year ago. That sits at or above the 18-19% EBITDA band management guided while promising to manage volatile gas prices via price hikes, so the quarter delivers on both the volume-growth and margin commitments made in April — a beat on the margin line. No formal numeric consensus for the June quarter surfaced in public brokerage previews, so the print cannot be graded against a street number here; the read is against management's own guidance, which it met/beat.
The stock went into the print at ₹1,220.6, up 1.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters.
Management projects a very positive year ahead, expecting volume growth to be significantly better than the previous year, driven by strong demand and market share gains from disruptions in Morbi. While no specific volume target was given, they are confident in maintaining EBITDA margins between 18% and 19% by managing
— This quarter: beat
The board paired the result with growth and capital-return actions. It approved an 11 MSM brownfield expansion at Gailpur (~₹165 Cr from internal accruals, on-stream by April 2027), notable because existing 35.95 MSM capacity is running at 100% utilisation — capacity, not demand, is the near-term constraint. It also cleared a small ₹12.15 Cr captive solar/wind investment aimed at cutting power cost at the Gailpur and Malootana plants. Separately, the ₹296.7 Cr buyback (21.5 lakh shares at ₹1,380) completed and shares were extinguished, trimming the base to ~15.71 Cr shares. The one soft note is the CHRO resignation (health reasons, effective 27 July); management framing beyond the filing is not available as no press release was extracted.
W1
Gailpur 11 MSM brownfield expansion (~₹165 Cr) completion by April 2027 — key as current 35.95 MSM capacity is 100% utilised
W2
Holding operating margin in/above the guided 18-19% band through FY27 amid volatile gas prices (delivered ~19.6% in Q1)
W3
Durability of Morbi-driven volume/market-share gains that lifted revenue +20% YoY in coming quarters
Clean print, no exceptional items this quarter (year-ago Q1 also nil, so YoY is unadjusted). Consolidated PAT ₹171.03 Cr includes discontinued ops (Kajaria Plywood, −₹0.05 Cr) and NCI ₹1.57 Cr; owners' share ₹169.46 Cr. Printed consolidated 'Total income' reads 1,346.22 in OCR but revenue+other income and the internal PBT build both reconcile to 1,345.22 — 1-Cr OCR misread, used 1,345.22. EPS is consolidated basic (continuing+discontinued).
Margins Beat, Volume Stuck — The Pricing Rescue
Kajaria delivered a 19.6% EBITDA margin, beating its 18–19% guidance by 70 basis points. But the gain came from pricing power (+11% realization), not volume growth—which stayed at just 6% in Q1. Management's promise of double-digit volume growth over the next nine months remains unproven.
₹1,328 Cr
+20.4% YoY; 6% volume + 11% pricing + mix
19.6%
Beat 18–19% guidance by 70 bps; +390 bps YoY
₹171 Cr
+55% YoY; margin expansion dominates
6%
Q1 FY27; April soft, May–July recovery claimed
The margin beat—what drove it
Kajaria's 19.6% EBITDA margin reads as a beat on first glance, and technically it is—the guidance range was 18–19%. But the route to that margin tells a different story: revenue grew 20.4% YoY, yet organic volume growth was just 6%. The gap was made up by pricing. Realization (price per unit) rose 11%, a direct consequence of gas cost pass-through. In Q1, gas prices in the Morbi cluster spiked from ₹48/SCM to ₹85–88/SCM post-conflict, forcing competitors to raise prices 40–45%. Kajaria's North and South plants, fed by more stable GAIL and CGD supply, only needed 10–11% increases. The net result: Kajaria's price gap versus Morbi narrowed from 40% to 20%, a genuine competitive gain. But the margin expansion itself is a pricing story, not a volume growth story—a critical distinction for sustainability.
Gas market is very volatile with the war still on. One day, there is no war. Second day, the war is on. And the situation is very, very volatile.
What changed on this call
6% volume growth plus 11% pricing = 20% revenue growth—evidence of pricing power in volatile gas market
Confirmed: ₹1,328 Cr revenue (+20.4% YoY). Breakdown: April soft (Morbi shutdown, labor shortage), May–July recovery. Pricing 10–13% region-wise, validated by gas cost spike (Morbi ₹48→₹85/SCM).
Supported
EBITDA margin 19.6% shows strong execution; guidance range 18–19% already exceeded in Q1
Delivered 19.6% OPM vs 16.72% prior year (390 bps expansion). Guidance range already beaten. But expansion is pricing-driven, not organic volume-driven.
Supported (with caveat)
Price gap vs Morbi narrowed from 40% to 20%, validating market share gains and multi-location manufacturing edge
Morbi GSPC-dependent gas spiked 48→86/SCM. Kajaria's GAIL/CGD plants only needed 10–11% increases vs Morbi's 40–45%. Gap compression credible and structural.
Supported
Double-digit volume growth promised for next 9 months (April onward); driven by dealer network and project pipeline ('two very big builders')
Q1 volume was 6%; April was soft (specific reasons: Morbi shutdown, labor shortage, dealer pre-lifting). May–July recovery cited but no specific volume numbers given. Project deals 'very big' but unsigned/unquantified.
Partial / unproven
₹1,000 Cr+ EBITDA FY27 target is achievable on current trajectory
Q1 EBITDA: ₹260 Cr (19.6% margin on ₹1,328 Cr revenue). Annualized run-rate: ~₹1,040 Cr. Credible if margins hold and volume accelerates; contingent on gas stability and volume delivery.
Supported (conditional)
Four things that changed vs. prior quarters
1. Volume guidance was formalized. Prior Q4 FY26 call: no numeric volume target. Now: management explicitly promised double-digit volume growth for the next 9 months (April–December), implying a sustained run-rate of 10%+ vs ₹118 million sqm (FY26 baseline). This is new accountability.
2. Capex intensity escalated with concrete project names. Prior: vague 'brownfield expansion.' Now: ₹375 Cr announced for two specific plants—Srikalahasti (South, ₹210 Cr for 10 MSM) and Gailpur (North, ₹165 Cr for 11 MSM)—commissioning Q1 FY28. Higher capex-to-capacity ratio (₹165 Cr for 11 MSM vs prior ₹150–160 Cr for 5–6 MSM) justified by newer kiln technology and lower opex.
3. Market share strategy pivoted from retail to projects. Prior: disruptions from Morbi (unspecified). Now: price competitiveness restored, distribution network (1,800 dealers) strengthened, and a new 'project' lever identified—institutional/builder sales that are incremental to retail.
4. Bathware margins were reset candidly. Prior (Q4 FY26): Kerovit scaling strongly. Now: management candid that FY27 is a 'tough year' for Bathware due to restructuring and new CBO (hired April). Expects margin recovery in FY28. This is a realistic retreat, not a surprise.
The bull-bear ledger
EBITDA margin beat: 19.6% vs 18–19% guidance
PAT growth +55% YoY validates margin expansion and cost discipline
Price gap vs Morbi narrowed from 40% to 20%—genuine structural competitive gain
Multi-location manufacturing (3 Morbi, 3 North, 2 South) insulates from regional gas shocks
Capex technology claim: 11 MSM for ₹165 Cr vs prior 5–6 MSM for ₹150–160 Cr—2x turnover efficiency
Adhesives +80% YoY—secular tailwind as price gap vs unorganized narrows
Q1 volume growth only 6%; margin expansion driven by pricing (+11%), not organic growth
Double-digit volume growth promised for 9M is unproven; contingent on May–July momentum (unquantified) and unsigned project deals
Bathware ('tough year') drags blended profitability; ₹122 Cr revenue growing fast but margins under pressure during restructuring
Outsourcing rising from 30% to 40% FY27 to absorb volume growth; lower-margin outsourced tiles will dilute blended profitability near-term
Capex ₹375 Cr back-loaded to FY28; FY27 will rely on outsourcing and existing capacity. ROI timing uncertain
April softness (Morbi shutdown, labor shortage) specific to Q1, but if macro cools, volume weakness may persist
Risks ranked by how much they should concern a holder
Gas price volatility (ongoing geopolitical risk)
HighMorbi cluster already spiked 48→88/SCM; pricing pass-through (11% achieved in Q1) has limits. If gas sustains or escalates, Kajaria's cost base rises and pricing ceiling compresses. Margin erosion risk if pass-through fails.
Volume growth unproven at scale; project pipeline unsigned
HighQ1 was 6% volume; double-digit for 9M is promised but lacks binding orders. Management cites 'two very big builders' but no contracts disclosed. If project deals stall or May–July momentum fades, ₹1,000 Cr EBITDA target and guidance miss.
Capex execution and ROI slippage
Medium₹375 Cr capex (Srikalahasti, Gailpur) spills into FY28. If commissioning is delayed or volumes don't absorb new capacity, ROI and margins suffer. Outsourcing dependency (40% FY27) is a tactical workaround, not a scaling solution.
Bathware margin deterioration during restructuring
MediumKerovit ₹122 Cr (+33%) but margins 'tough' FY27. New CBO and 100% ownership (Aravali stake acquired) should help, but execution risk during integration. Blended company guidance (18–19%) relies on tiles carrying Bathware drag.
April softness recurrence if macro cools
MediumQ1 softness attributed to Morbi shutdown, labor shortage, dealer pre-lifting—specific, transient causes. But if RBI tightening or construction slowdown hits demand, volume growth stalls and forward guidance falters.
Earnings quality: pricing-driven, not organic growth
Low-MediumPAT +55% looks strong, but decomposition shows it's margin expansion on existing volume + pricing tailwind. If gas reverts, pricing withers. Organic volume growth (6% Q1) is the true bellwether; it's weak.
How the market is positioned
The price action: Kajaria announced results on Friday, July 31. The stock popped +1.37% on day 1 (delivery 56.4%, suggesting conviction), but the move faded—by day 3 it was -1.01%, and by day 5 it had fallen to -2.59% from the post-result spike. That fade is telling: the market initially liked the margin beat, then repriced negative on realization that volume growth is weak and future delivery hinges on unproven catalysts (project wins, capex ramp). As of August 18, the stock is at ₹1,225.8, having recovered from the day-5 trough. It now sits 3.86% below its all-time high of ₹1,275 but 40.96% above its 52-week low of ₹869.6. It trades above its 200-, 50-, and 20-day moving averages, a bullish chart position. However, RSI at 53.7 is neutral—no overbought signal, no sustained momentum.
FII and DII flows: Foreign investors hold 11.58% in Q1 FY27 (up 1.35 percentage points from Q4 FY26's 10.23%), a net add. Domestic institutions hold 26.25% (down 1.23 percentage points from 27.48% prior quarter), a slight trim. Promoters remain steady at 47.69%. On the surface, FII are adding and DII slightly trimming—a mixed signal. But zoom out: FII ownership has declined from 15.79% in FY25 Q1 to 11.58% now—a multi-quarter exit. DII similarly slipped from 27.39% to 26.25% over the same period. Institutions are cautious; the Q1 beat hasn't reversed the longer-term trimming trend.
What it means: The stock's price action (pop-and-fade) and institutional trim aligns with the fundamental read—Kajaria has delivered steady margin execution and cost discipline, but forward growth depends on unproven volume acceleration. The market is waiting for evidence.
The debate
1 · Q2–Q3 volume growth trajectory (next 6 months)
Management claimed May–July recovery (post-April softness). Q2 results will either validate or undermine the 'double-digit for 9M' promise. If Q2–Q3 volume comes in at 8%+ YoY sustained, the bull case gains legs. If it drops back to 4–6%, the guidance is in jeopardy.
2 · Project pipeline conversion and order flow (Q3–Q4 FY27)
Management's 'two very big builders' breakthrough is a lynchpin. By Q3, we should see early signs of order intake or dealer reports of new institutional offtake. Unsigned deals are a red flag; signed contracts or ramp signals are the validation.
3 · Capex plant commissioning and utilization (Q4 FY27–Q1 FY28)
Srikalahasti (10 MSM, ₹210 Cr) and Gailpur (11 MSM, ₹165 Cr) are due Q1 FY28. The ramp schedule, initial output, and margin accretion (management's 2x turnover claim) will be critical. Delays or underutilization are margin-negative. On-time, full-utilization ramp de-risks the capex thesis.
The single number to track from here
It's not the headline EBITDA margin (already beaten guidance). It's organic volume growth. Q1 was 6%, and management has promised double-digit for the next 9 months. If Q2–Q3 comes in at 8%+, the thesis works. If it drops to 5–6%, forward guidance misses and the stock reprices. Everything else—pricing power, capex ROI, project wins—cascades from volume. That's the bellwether.
Kajaria Ceramics delivered on margin guidance and showed genuine operational discipline in a volatile gas-price environment. The 19.6% EBITDA beat and 55% PAT growth are real achievements. But the quarter was margin-driven by pricing, not volume-driven, and the company's forward promise—double-digit volume growth, ₹1,000 Cr EBITDA, capex ROI—rests on unproven catalysts: project pipeline conversions, continued sales acceleration, and two plants that won't generate meaningful earnings uplift until late FY28. The stock's price action (pop and fade) reflects this uncertainty. The market is waiting for evidence. Verdict: Hold. Kajaria is a solidly-run ceramics franchise with a structural edge from the Morbi disruption and multi-location manufacturing resilience. But near-term upside depends on volume proving out at scale. The risk/reward is balanced. Add on a sustained 10%+ volume reacceleration (Q2–Q3 delivery); trim on volume stall or gas reversion.
Margin beat, volume growth nascent, capex-heavy pivot underway
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 6/10
Grade B
Maintained 18–19% EBITDA margin guidance; Q1 at 19.6%. Delivered ₹1328 Cr revenue as stated. PAT ₹171 Cr vs ₹109 Cr prior year (+55.7%) corroborates. Volume guidance (double-digit for 9M) is new; not yet validated.
Optimistic
next 1–2 quarters
Optimistic
multi-year
Kajaria delivered on margin guidance (19.6% EBITDA vs 18–19% target) and showed pricing power in a volatile gas environment, validating its Morbi-agnostic multi-location model. However, volume growth—the stated driver of next-year confidence—remains immature (6% Q1, double-digit promised for 9M) and contingent on project wins not yet operationalized. Capex ambition (₹375 Cr, 21 MSM) is credible but back-loaded to FY28; FY27 will rely on outsourcing (targeting 40%, up from 30%) and distribution strength. Key risk: gas price volatility and April softness recurrence if macro cools.
₹1328.1 Cr
Revenue · +20.4% YoY₹171 Cr
Reported PAT · +55% YoYExpanding
Margins · vs guidance: CorroboratedDid the claims hold up?
6% volume growth despite soft April, 20% revenue growth
METConfirmed: Q1 delivered ₹1328.1 Cr (20.4% YoY). Management attributed to 6% volume + 11% pricing, with April soft due to Morbi shutdown.
EBITDA margin 19.6% this quarter shows strong execution
METDelivered 19.6% OPM vs 16.72% prior year—390 bps expansion. Guidance range 18–19% for full year already exceeded in Q1.
Price gap with Morbi narrowed from 40% to 20%, validating market share gains
METManagement cited gas supply shocks in Morbi (GSPC-dependent, prices ₹48→₹86/SCM). Kajaria's North/South plants (GAIL/CGD-fed) insulated; only 10–11% price increase needed vs Morbi's 40–45%. Gap compression credible.
Double-digit volume growth guidance for 9 months ahead
PartialQ1 was 6% volume growth. Management cited April softness, May/June/July recovery, and 'breakthrough with two very big builders' providing new projects lever. Not yet proven at annual scale.
₹1,000 Cr+ EBITDA this year
METQ1 EBITDA: ₹260 Cr (19.6% × ₹1328). Run-rate ~₹1,040 Cr annualized. Credible if margins hold; contingent on volume delivery and gas stability.
Earnings quality
What changed since the last call
Volume guidance formalized
UpgradePrior: No numeric volume target. Now: 'Double-digit growth for next 9 months.' Implies 10%+ from ₹118M sqm baseline vs prior quarter's 6% Q1.
Capex intensity escalated
UpgradeAnnounced ₹375 Cr in two major tile plants (Srikalahasti ₹210 Cr, Gailpur ₹165 Cr) + ₹12 Cr renewable. Prior Q4 call mentioned brownfield expansion; now concrete capex phasing into FY27–FY28.
Market share strategy clarified
UpgradePrior: Disruptions from Morbi (vague). Now: Price gap 40%→20%, Kajaria can now compete on price without margin compression. Added 'project' lever alongside retail to capture institutional volumes.
Margin guidance held firm
MaintainedPrior: EBITDA 18–19%. Delivered: 19.6% in Q1, beating range. Guidance for full year stays 18–19%, implying upside expectation for remaining quarters or conservatism.
Bathware margin outlook darkened
DowngradePrior (implied): Scaling Kerovit. Now: Candid that FY27 'tough' for Bathware margins due to restructuring; expects better in FY28. Not a cut but realistic reset.
Outsourcing dependency acknowledged
NeutralPrior: Not explicitly discussed. Now: Management targeting 40% outsourcing this year (from 30%) to hit 130M sqm sales; will reduce when capex comes online next year. Tactical transparency.
The Q&A
Analysts pressed hard on capex justification (two plants, different costs), volume confidence drivers ('where is it coming from?'), and Morbi competitive moat sustainability. Management held ground, defended multi-location manufacturing advantage and project pipeline. Some hedging on forward gas prices and real-estate launch cycle impact. Overall tone: confident but realistic about macro uncertainty.
Pricing, realization, pass-through — Praveen, PL Capital
AnsweredGas prices in Morbi (GSPC-fed) spiked 48→86–88/SCM post-war; Kajaria raised prices 40–45% in Morbi plants. North/South plants (GAIL/CGD) raised 10–11%. Gap narrowed; situation volatile with war.
Volume growth confidence — Keshav Lahoti, HDFC Securities
AnsweredApril soft, May–July strong. Distribution network strengthening. Breakthrough with two 'very big builders' getting lion's share. Projects are new growth lever alongside retail.
Capex intensity differential — Ritesh, Investec India
AnsweredSrikalahasti: new shed (₹80–90 Cr). Gailpur: existing shed extended (₹40–50 Cr). Same latest plant technology. Kiln size increase (200m → 340m). Capex-efficient vs prior 5–6 MSM for ₹150–160 Cr.
Gas price forwarding — Ritesh, Investec India
AnsweredBlended ₹71/SCM Q1. North ₹64, South ₹72–73, West (Morbi) ₹85. Spot at ₹85. Complex mix; cannot predict tomorrow (war dependent).
Morbi export decline — Dhananjay, Centrum Broking
AnsweredExports down to ₹1,000 Cr/month (vs ₹16,000 Cr FY26) due to freight cost shock. Kajaria targeting 40% outsourcing for 130M sqm sales; will drop when capex online.
Demand drivers: real-estate launches — Dhananjay, Centrum Broking
AnsweredUnrelated. Project launch to tile usage is 4–5-year cycle. Growth is unification, Morbi price convergence, distribution strength, project wins—not RE cycle.
Product mix transparency — Anu Parekh, Anand Rathi Investments
DodgedIrrelevant; company makes & sells complete volume. GVT dominant in market now. Company doesn't track mix.
Revenue growth composition — Ashish, Motilal Oswal
AnsweredNot uniform. North/South: 12–13% increase. Morbi plants: much higher due to gas shock. Price differential Kajaria/Morbi was 40%, now 20%.
Full-year revenue growth outlook — Ashish, Motilal Oswal
AnsweredCorrect. Confident of double-digit growth + 20% value growth for full year.
Bathware margin guidance — Anubhav, Cosma Ventures
PartialBathware 'tough year' due to restructuring, new CBO. Tiles good margin. No sanitaryware margin guidance given. Blended 18–19% for company.
Guidance
Double-digit volume growth next 9 months + 20% value growth FY27
HighBased on May–June–July momentum, project pipeline, distribution expansion. Full-year revenue growth ~20% implied (10% vol + 10% value).
130M sqm tiles sales target FY27 vs 118M prior year
HighSupports double-digit growth thesis; capex (21 MSM new plants) will absorb higher volumes in FY28. Outsourcing 40% this year.
EBITDA 18–19% for full year FY27
HighQ1 already at 19.6%, exceeding range. Guided range implies some margin pressure in remaining quarters (gas volatility, outsourcing cost) or conservatism.
Blended company margin 18–19%; Bathware (Kerovit) margin tough FY27
MediumTiles carrying blended margins. Bathware restructuring headwind; no specific guidance given. Improvement expected FY28.
FY27 capex ~₹400 Cr; two major plants (Srikalahasti 10M, Gailpur 11M)
High₹210 Cr + ₹165 Cr announced; spillover into FY28. Renewable energy ₹12 Cr. Higher capex intensity expected this year vs prior.
22M sqm total new capacity (Srikalahasti + Gailpur) online by Q1 FY28
HighCapex to be fully commissioned by April 2027. Will reduce outsourcing dependency from 40% to lower levels and drive margin accretion.
Risks the call surfaced
Gas price volatility
HighMorbi cluster (GSPC-fed) gas spiked 48→88/SCM post-28 Feb 2026 war. Kajaria exposed to mix of GAIL, CGD pricing. If sustained, pricing power erodes and customers defect to cheaper Morbi peers.
Volume growth unproven at scale
MediumQ1 volume +6% (soft April; May–July recovery unspecified in numbers). Management gave 'double-digit' guidance for 9M based on May–July trend and project pipeline. No binding customer contracts cited. If April weakness recurs or project deals fall through, volume growth stalls and ₹1,000 Cr EBITDA target missed.
Capex execution and ROI
Medium₹375 Cr capex announced (Srikalahasti ₹210 Cr, Gailpur ₹165 Cr) to add 21 MSM by Q1 FY28. Part of capex spills into FY28. Kajaria targeting 130M sqm sales (from 118M) via these plants, but execution risk is material. If volume growth disappoints, new plants will run under-utilized, dragging ROI and margins. Additionally, outsourcing dependency at 40% FY27 will incur lower-margin outsourced volumes.
Bathware segment margin pressure
MediumKerovit (Bathware) grew ₹122 Cr (+33% YoY) in Q1 but management flagged 'tough year' on margins due to restructuring. New CBO hired April. Acquisition of 15% stake from Aravali (full control) adds integration headwind. Blended company guidance (18–19% EBITDA) is propped up by Tiles; if Bathware margin deteriorates further or ramp-up stalls, blended profitability will suffer.
April softness recurrence
LowApril FY27 was soft due to Morbi manufacturing shutdown (5 Mar–15 Apr), dealer pre-lifting before price hike, and labor shortage (elections + LPG shortage). May–July recovery attributed to normalized supply and seasonal construction pickup. If macro cools (rate hikes, construction slowdown, RBI tightening) or supply disruptions recur, April-like softness may re-emerge and derail full-year volume guidance.
Management
Score 7/10. Clear on strategy, pricing dynamics, regional nuances. Transparent on Bathware challenges and outsourcing dependency. Some hedging on macro (gas, geopolitics) and evasiveness on product mix details; 'irrelevant' dismissal on PVT/GVT/ceramic split showed irritation but was honest. FY26 cost-cutting and unification executed; Q4 FY26 11% volume growth proved thesis. Q1 FY27 margin hit (19.6%) corroborates efficiency. Capex announced but not yet commissioned. Project wins claimed but unsigned/unquantified; track record pending.
1 · Q2–Q3 FY27
Volume sustainability test. If May/June/July double-digit momentum stalls, guidance credibility falters.
2 · Q4 FY27
Project pipeline conversion. Management cited 'breakthrough with two very big builders.' Signed orders/commencement will prove strategy.
3 · Q1 FY28
Srikalahasti (10 MSM, ₹210 Cr) and Gailpur (11 MSM, ₹165 Cr) expansions commence. Margin accretion from lower opex, higher volumes.
Key risk: gas price volatility and April softness recurrence if macro cools.