Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 revenue from operations INR 7,364 Cr; EBITDA INR 431 Cr; PAT INR 122 Cr - H1FY27 turnover INR 13,488 Cr (+19% y-y); EBITDA per ton INR 5,866 vs INR 5,719 last year - Phosphoric acid capacity expansion from 0.5 to 0.7 million tons on track for Q1 FY28; second phase expected FY29-H2FY30 - EBITDA per ton guidance for H2 FY27 INR 4,500-5,000 - Subsidy receivable INR 6,700 Cr; INR 1,200 Cr received in October; debt elevated due to inventory and subsidy receivables - Raw material prices, especially sulphur, showing signs of softening; sulphur price around $850-$880/ton - Market share maintained with strategic imports supplementing manufacturing amid supply constraints - Inventory levels balanced; finished fertilizer stock approx 1.5 lakh tons; channel inventory higher than last year but manageable - Multiple analyst queries on subsidy timing, inventory liquidation, and capex timelines; management optimistic on normalization post FY27