Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 standalone revenue grew 18.7% y-y to INR350 Cr; consolidated revenue up 19.7% to INR369.7 Cr - EBITDA margin expanded to 17.7% standalone and 16.8% consolidated, with EBITDA growth of 42% and 40% respectively - PAT rose 60.7% standalone to INR42.4 Cr and 60% consolidated to INR41.7 Cr - Volume growth was double-digit across all product categories; distribution expanded to 19,400 dealers and 12,400 tinting machines - New wood coatings products to launch Sep-Oct; water-based Jodhpur plant commissioning in Aug, no major capex expected next 3 years - Raw material prices remain elevated and volatile; company monitoring closely with price increases protecting margins - Management to pursue aggressive top-line growth in FY27, willing to trade some margin for volume gains - Q2 margins uncertain due to monsoon mix effects and raw material price volatility; no concrete margin guidance - Differentiated products contribute ~29% of revenue, growing steadily; no new differentiated launches imminent - Competitive intensity stable despite JSW-Akzo acquisition; Birla Opus impact subsided - July sales momentum continued strong; no channel overstocking observed - Management confident of widening growth gap versus industry going forward