Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 standalone revenue grew 14.1% y-y to INR340.5 Cr; EBITDA margin fell to 8.9% from 15.3% due to raw material cost shock - Raw material prices doubled in Mar-Apr 2026 due to Iran war, causing inventory cost inflation impacting Q2 margins - H1 FY27 standalone revenue up 16.4%, EBITDA margin declined to 13.4% from 15.1%; PAT margin at 8.0% - Volume growth strong across categories; emulsions volume up 10.4%, primers 9.4% - New water-based plant at Jodhpur trial production started Sep 2026; full capacity expected by Dec 2026 - Gross and EBITDA margins expected to normalize from Q3 onwards with price hikes implemented - Distribution network expanded to 19,730 dealers; brand building and influencer engagement ongoing - Capacity utilization averages ~60%; no major capex planned for next 2-3 years - Management cautious on geopolitical risks but confident of improved H2 growth and margins