**1. Financial Highlights:** Q1FY26 revenue: **692.9 Cr** (-4% YoY); volumes grew 8%. PAT: **21.4 Cr** (-38%); Adj.

EBITDA: **38.7 Cr** (-46%). Margins contracted from soft prices and a Specialties product phase-out.

Essentials revenue rose 4%, Specialties declined 18%. **2. Strategic Initiatives & Growth Drivers:** Targets ~2x revenue, ~2.7x EBITDA, 20% ROCE by FY28 via **INR 1,100 Cr** capex.

Growth stems from market share gains, new products, and operational efficiencies, particularly in global Specialties. **3. Business Developments:** Lote fluorine intermediates ramp up, targeting 40-60% peak revenues this fiscal year.

Dahej site progresses on schedule.

Hitachi Energy contract for eco-efficient gas production anticipated soon. **4. Market Position & Competitive Advantage:** Strong positions: India's top Ethyl Acetate (global top 3 ex-China), top Diketene, and sole Indian Electro Chemical Fluorination supplier.

Customer and export diversification enhances resilience. **5. Investor Implications:** Despite Q1FY26 margin pressures, significant capex and ambitious FY28 targets indicate positive long-term growth potential.

Monitor successful execution and ramp-up of strategic projects, especially Fluorination.