Q1 FY27 transcript: margins up, exports down, domestic growth holds

Q1 FY27 revenue Rs 110 cr, down 25% QoQ on weak exports and West Asia port disruptions. Yet EBITDA margin expanded 317 bps to 12.51% and PAT grew 5% to Rs 7 cr. Domestic revenue rose 10% QoQ to Rs 64 cr, an all-time Q1 high. Management launched Flame Retardant workwear and EN812 Bump Caps, expanded SMILE reseller network past 1,000 outlets, and targets Rs 40 cr from Sanand plant this year versus Rs 5 cr last year. Long-term Rs 1,000 cr revenue target retained. India-EU FTA and new customer wins in UK and Southern Europe seen as key growth drivers.