• UK FTA opportunity: The India-UK FTA provides duty-free access, giving India a 12% advantage over China and parity with Bangladesh and Vietnam. Management expects this to open a more than $1 billion opportunity for India, potentially doubling its UK exports from $1 billion to $2 billion.
• US tariff outlook: Reciprocal tariffs of 10% to the US expire on July 24, with the industry awaiting an India-US Bilateral Trade Agreement to maintain a level playing field against competitors, where tariff levels around 20% or better are broadly expected.
• BTPL operational ramp-up: Capacity utilization at BTPL is currently at 50–55% and is projected to reach 65–70% by Q2/Q3, moving from breakeven to mid-single digit EBITDA margins before achieving double-digit margins next year and an EBITDA contribution of ₹175–200 crore by FY29.
• Earnings and demand: Order books are completely full across the US, UK, and Europe for the current season. Management affirmed that directionally tripling net profit from last year's depressed ₹100 crore base to around ₹300 crore by FY28 is an achievable target.