Revenue: โน131.2 cr (+24% YoY)
โขEBITDA: โน27.4 cr (+45% YoY); margin: 20.9%
โขPAT: โน18.1 cr (up from โน13.3 cr in Q1)
Margin drivers: RM relief (solvents), high-value acrylic products.
Concern: Receivables spiked (90โ95 days vs 60), expected to normalize in coming quarters.
Strategic Moves:
โขSirca Italy agreement extended till 2041 (tech & brand).
โขWembley units being mergedโnew plant by Jan/Q4 FY26 for scale & cost gains.
โขExpanding into mass PU via โValentinoโ brand; early traction.
Expansion:
โขStrong in North India; depots added in West/South (Surat, Hyd, BLR).
โขTarget: โน1,000 cr revenue by FY29-30, 35โ40% CAGR.
Key Watch:
โขReceivables improvement, Wembley integration, localization roll-out (Q4/Q1), South/West retail ramp.
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