Transcript of the Conference Call held on August 06, 2026

AI summary - Q1 FY27 net sales INR1,694 Cr +25% y-y; EBITDA INR225 Cr +15%; PAT INR116 Cr +22% - Composite products grew 29.3%, key long-term growth driver with INR185 Cr order book - Volume growth 11% (India 10%, overseas 14%); India revenue growth 30%, overseas 17% - FY27 volume growth guidance above 15%; EBITDA growth 19-20%, PAT growth 23-24% - Capex INR350 Cr in FY27; focus on automation, capacity expansion, and green energy - PE pipe growth expected 20-25%, with demand weighted to H2FY27 - Polymer price pass-through effective with monthly pricing; EBITDA margin expected 14-15.5% - Working capital cycle targeted to reduce from 110 days to 90 days by FY27 end - Overseas business 35% of revenue, diversified across 10 countries; EBITDA margin ~13% - Debt reduced by INR90 Cr in Q1; net cash from operations INR155 Cr; non-fund finance costs ongoing