On a sequential basis, Q3 FY26 witnessed some pressure on operating costs compared to the previous quarter, primarily due to higher electricity costs arising from increased grid tariffs effective October 1, 2025. This resulted in a near-term impact on operating margins during the quarter. We view these pressures as temporary in nature and largely driven by external cost factors. Energy cost optimisation remains a key operational priority, and several measures are underway to improve power sourcing efficiency and cost control across operations.

On the performance front, the Company delivered healthy year-on-year growth in Q3 FY26 as well as for the nine-month period, driven by higher sales volumes, stable realisations, and improved operating leverage across our core product segments. This reflects the continued focus on operational execution and efficient utilisation of manufacturing capacities.