Consolidated revenue came in at Rs. 5,169 crore, up 3.9% y-o-y and EBITDA rose 23.3% y-o-y to Rs. 372 crore. Volumes grew only 10% y-o-y to 794 KT, lagging expectations, while EBITDA/tonne improved 12% y-o-y to Rs. 4,685. Management revised FY26 volume growth guidance to 10–15% (earlier 15–20%) and expects EBITDA spreads of Rs. 4,600–5,000/tonne. Company remains optimistic about H2FY26, expecting a recovery driven by post-monsoon project activity and higher government spending. Strategic priorities include capacity expansion, product launches and a stronger push on exports.
OutlookWe maintain a Buy rating with a PT of Rs. 1,900, supported by a robust medium-term outlook driven by capacity additions and structural demand tailwinds.
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