• Growth and Realisation: Following flat Q1 volume amid a 10% industry decline, volume grew 40% in July, taking four-month volume growth into double digits. Value growth is expected to exceed volume growth by at least 10% this year, potentially delivering 25% value growth on 10–15% volume growth.
• Segment Performance: Q1 delivered across-the-board expansion with 10% growth in pipes, 25% in Indian adhesives, 26% in UK adhesives (with ~5% positive EBITDA), 48% in paints (reaching break-even), and 18% in bathware.
• Capacity and Launches: New plants in Hyderabad and Kanpur are ramping up well, while machine installations for aluminum pipes are underway ahead of a commercial launch in the first week of October.
• Specialty Chemicals: The division posted revenue of Rs 6.7 crore with a 13% margin in Q1 alone, compared to Rs 2 crore in the entire previous year, with long-term expectations of at least a 20% EBITDA margin.
• Raw Material Pricing: The government's introduction of a Minimum Import Price (MIP) has set a floor for polymer prices, reducing raw material volatility and easing inventory destocking pressures across the industry.