Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 volume grew 28% y-y to 83,407 MT; revenue rose 27% to INR1,094 Cr - PBT flat at INR153 Cr vs INR158 Cr in Q2 FY26; H1 volume down 4% y-y at 151,106 MT - EBITDA margin target ~14-15% for full FY27; H1 margin ~12.5% - Capex planned at INR150 Cr in FY27 for debottlenecking and routine maintenance - PVC prices stable; minimum import price in effect till mid-Jan 2027 - Agri/non-agri mix ~60/40 in Q2; CPVC volume ~8%; fittings ~12% of volume - Utilization ~68% for pipes and fittings; resin lines full except seasonal VCM line downtime - Supply chain impacted by Middle East geopolitical issues but managed well - Net free cash flow strong at INR2,584 Cr as of Sept 30, 2026 - Board to decide on cash utilization; no timeline given