Transcript of the Conference Call held on Friday 31st July, 2026.

AI summary - Q1 FY27 sales volume flat YoY; EBITDA margin normalized at 7% consolidated - PVC resin prices volatile in Q1; MIP set floor price at Rs.82/kg stabilizing prices - High double-digit volume growth expected for FY27; Q2 to show YoY growth - Varanasi plant ramping; target 30% utilization in FY27, 50-70% in FY28-29 - New Window profile business to contribute 7-8% revenue in FY27 with 10-15% margins - Working capital days at 45; target to reduce by 10-15 days by FY28 - CAPEX Rs.200 Cr over FY27-FY28 funded from internal cash flow; no debt planned - Long-term goal: Rs.5,000 Cr revenue by FY31 with 10-12% EBITDA margin and 25% ROC - Kisan merger expected to yield ~1% cost synergies; integration ongoing - Demand soft in Q1 due to monsoon and price volatility; construction to drive growth post-monsoon