Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 decorative volume growth at 6.4%, value growth 14.5%; H1 volume +8%, value +16% - Industrial segment strong with 16.4% value growth in Q2; JVs show mixed margin impact - International markets grew ~30% in Q2 despite geopolitical challenges; PBT margin down but expected to improve - Gross margin band guided at 41-43% for H2FY27 with calibrated price increases - VAE backward integration phase 1 commissioned; expected 300-500 bps margin benefit on relevant products - EBITDA margin band of 18-20% maintained with cost excellence and VAE benefits - Q3 volume growth expected at 8-9% supported by festive and wedding seasons - Anti-dumping duty on TiO2 may increase costs by 2-3%; company managing impact via product rationalization - Premiumization and differentiated services drive 18% of revenues from new products - Competitive intensity high; price increases calibrated to balance demand and margin