Q2
- Revenue โน1,512cr +10% | EBITDA โน224cr +14% | PAT โน115cr +17% | Volumes +14%
H1 FY26:
- Revenue โน2,866cr +10% | EBITDA โน420cr +13% | PAT โน211cr +18% | Margin 14.6% (+30 bps)
- Value-added share 28%; guidance intact โ Vol 15%, PAT >20%
Balance Sheet:
- Net debt โน56cr, OCF โน226cr; non-core sale balance โน41cr
QIP (โน800cr):
- Debt reduction (โน400cr), automation/robotics (โน90cr), PCR recycling, FIBC acquisition (~โน150cr)
- Promoters 47.46% (no OFS)
Key Drivers:
- Composites strong โ order book โน195cr, CNG capacity doubling to 66k cyl (rev potential โน800cr)
- LPG 14.2kg to launch by Mar 2026
- Fire extinguishers Q4 FY26
- Pipes: โน190cr Amaravati order
- Batteries: E-rickshaw approved; OPz approvals Q4 FY26
Strategic:
- Automation adds โน30cr EBITDA
- PCR recycling plants from Jan 2026
- Energy PPAs savings up to โน30cr/yr
Risks:
- Timely composite expansion, LPG 14.2kg rollout, Amaravati allocations, polymer volatility, FIBC integration.
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