Transcript of Earnings Call is enclosed.

AI summary - Q1 FY27 consolidated revenue grew 9% y-y to INR253.6 Cr; EBITDA INR35.9 Cr, margin 14.6% vs 17.8% last year - Margin pressure due to input cost inflation from West Asia conflict; INR10 Cr impact partially offset by price hikes of 5-7% - New Hydra manufacturing lines commissioned June 30, 2026; production ramping up - Capex guidance INR125-150 Cr for FY27 including glassware furnace expansion and Bharuch facility - Solar power savings estimated INR27-28 Cr EBITDA in FY27; solar now meets 61% of energy needs - Glassware and Opalware segments at ~90% utilization; volume-led growth expected to continue - Medium-term EBITDA margin target 18-20% excluding West Asia impact; ROCE expected to improve from ~11% to 20-24% over time - Inventory build-up due to seasonality and BIS compliance; no channel stocking impact on Q1 growth - Exclusive brand stores launched in Gurugram and Pune; capex INR40-50 lakh per store - Antidumping investigation ongoing; Chinese dumping impact persists - Management confident of sustainable growth despite near-term challenges