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Company insights, generated from the most recent coverage.
Q1 FY27 gross margin collapsed 650 bps YoY from 51% to 44.2% despite 19.22% revenue growth — input cost pressure is eroding profitability even as EBITDA held at ~24.58%.
Balance sheet is strengthening fast: Net Debt/EBITDA fell from 2.0x to 1.29x and ROCE improved to 21.70% from 18.71%, supporting the capex-led expansion plan.
Phase-1 capacity expansion (48,000 to 54,000 MT) missed its September 2026 commercialization target — execution delays risk the growth story the market has priced in.