Financials:
โขQ2 FY26: Revenue โน488 cr (flat), EBITDA โน67 cr (13.8% margin), PAT โน57 cr (down due to tax one-off)
โขH1 FY26: Revenue โน907 cr (+2.2% YoY), EBITDA โน120 cr, PAT โน103 cr
Business Mix & Trends:
โขProjects/B2B: 39% of Q2 sales (high)
โขRetail: Weak but improving (โgreen shootsโ)
โขCapacity: Sanitaryware 85%, Faucetware 97%
Guidance (FY26):
โขRevenue growth: 7โ8%, H2: 10โ12%
โขEBITDA margin: 14.5โ15%
โขFaucetware growth: 8โ10%
Strategic Initiatives:
โขSenator (premium): 28 stores; target 45โ50 by FY26
โขPolipluz (value): 38 distributors, 650 dealers; target 100/2,000 by Mar-26
โขNew launches: ~33% of Q2 revenue (mostly in new brands)
Costs & Risks:
โขBrass price rising (~โน620โ630/kg)
โขNo immediate price hikes planned
โขWorking capital days up to 77 (from 72)
โขHigh project mix may persist if retail lags
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