**1. Financial Highlights:** Q1FY26 results were strong: Revenue surged 36%, EBITDA 82%, PAT 90% YoY.

Revenue: ₹596.2 Cr; EBITDA: ₹43.1 Cr (7.2% margin); PAT: ₹27.6 Cr (4.6% margin). Lead production rose 17%, sales 9%. FY25 net debt stood at ₹63.4 Cr (0.11x Net Debt/Equity), indicating robust financial health. **2. Strategic Initiatives & Growth Drivers:** Target 2030 aims for 15%+ volume growth, 20%+ revenue CAGR, and 8%+ EBITDA margins.

Key initiatives: ongoing Lead capacity expansion, exploring Lithium Ion recycling.

Q1FY26 capex was ₹5 Cr, with ₹45 Cr estimated for the remainder of 9MFY26. **3. Business Developments:** Phase 1 Lead capacity expansion (36,000 MTPA) began commercial production in Q1FY26. The company operates in Lead, Plastics, Copper, and Aluminium recycling, planning to explore E-Waste and Rubber. **4. Market Position & Competitive Advantage:** As "The Urban Miners," the company boasts 29+ years experience and a global procurement network.

It is India's first 3N7 LME-registered Lead brand, demonstrating market leadership, further boosted by supportive government recycling policies. **5. Investor Implications:** Strong Q1 performance, combined with ambitious long-term targets and strategic capacity expansions, signals positive growth potential.

Diversification into new recycling segments and a solid financial position underpin future value creation.