• Revenue performance drivers: Flat revenue growth was driven by lower raw material costs reducing realizations, alongside a six-month process re-engineering delay at the subsidiary and a 5% to 10% shortfall against projected ATBS volumes. In contrast, antioxidants recorded 25% volume growth, while IB and IBB remained flat.
• FY27 growth guidance: Management projects overall volume growth of 15% in FY27, led by at least 20% volume growth in ATBS and 15% revenue growth in antioxidants. Revenue contributions from the subsidiary are expected to begin from October 2026.
• EBITDA margin target: The company is maintaining its 26% to 27% margin band for FY27 despite reaching 29% in Q4, attributing the higher quarterly margin to lower raw material prices reducing the revenue base.
• Crude price sensitivity: Higher crude oil prices generally drive stronger demand for ATBS, and management noted that any resulting increase in input costs can typically be passed through across most products.