• Sowing and price trends: Basmati prices surged 6% to 10% in August to ₹10,600–₹11,000 per quintal following earlier crop shortages, but current kharif sowing acreage is normal with no expected crop size issues.
• Export logistics disruption: Total industry basmati export volumes fell 11% to 15% in Q1 due to Red Sea and Strait of Hormuz route disruptions to the Middle East, where freight costs surged fivefold from $1,000 in February to $5,000–$6,000.
• Full-year profitability outlook: Despite record Q1 margins driven by strong realizations and one-off mark-to-market gains, KRBL expects only a marginal year-on-year increase in full-year profitability as future margins depend on export recovery and upcoming paddy procurement prices.