We are enclosing herewith the transcript of the Conference Call for Investors and Analysts for Q4 FY26 results

S H Kelkar reported Q4 FY26 adjusted EBITDA of Rs. 83 crore with 13.5% margins after excluding a one-off sale of Rs. 35 crore of low-margin products. The company is actively optimizing its portfolio by exiting structurally low-margin businesses (~Rs. 50 crore annually) due to raw material inflation driven by geopolitical developments. Management expects to maintain ~13%+ EBITDA margins in H1 FY27 with full-year target of Rs. 300 crore+ EBITDA. Key investments include creative development centres costing Rs. 80-85 crore annually (treated as capex-like) that will take 3-4 years to break even. New factories in Almere (Netherlands) is now operational, while Vanavate and Vashivali facilities are under development. Raw materials are 40% directly and 30% indirectly crude-linked, with inventory costs rising 12-13%+.