Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 38% y-y to INR821 Cr; volumes up 22% y-y at 52,080 MT - EBITDA rose 82% y-y to INR100 Cr; margin expanded 300 bps to 12% - PAT surged 220% y-y to INR48 Cr; PAT margin improved 400 bps to 6% - H1 FY27 revenue grew 22% y-y to INR1,430 Cr; EBITDA margin at 12%, PAT margin 6% - Value-added products (CPVC, PPR) now >30% of revenue; new PP product DECILO launched - Working capital improved: receivables down to 34 days, inventory stable at 74 days - Bathware segment revenue INR19 Cr; EBITDA loss INR4 Cr; breakeven expected by Q4 FY27 - FY27 volume growth guidance remains double-digit; EBITDA margin guidance 11-13% - Capacity utilization ramping up, especially at Bihar plant; capex ~INR200 Cr for FY27 - Marketing spend steady at 1.5-2% of sales to build brand and channel loyalty