Updates

AI summary - Q2 FY27 standalone revenue nearly INR 4,000 Cr, +21.7% nominal, volume growth 10.7% - Gross margin declined due to elevated input costs; EBITDA margin at 20.4%, down 430 bps q-o-q - International subsidiaries grew 21.8% with 53% EBITDA growth; domestic subsidiaries grew 22.2% - Pricing actions taken: 12-15% hikes in Q1, additional 3-5% hike in October; confident of H2 EBITDA margin at higher end of 20-24% corridor - Sustained double-digit underlying volume growth for 6-8 quarters; broad-based growth across Consumer & Bazaar and B2B segments - Urban growth picking up, slightly ahead of rural in Q2; construction chemicals and projects business showing strong momentum - AI adoption underway for sales, marketing, manufacturing, and supply chain to improve productivity and efficiency - No plans for backward integration of VAM; sourcing strategy focused on scale and cost efficiency - New product innovations like Araldite Wud, Stone X, M-Seal Advance, and exterior renders gaining traction - Management confident of continuing double-digit volume growth and profitable growth despite macro uncertainties