**Financial Highlights:** Q1FY26 consolidated income hit INR 1,586 Cr (-22.1% YoY), with PAT at INR 89 Cr (-60.6% YoY) and EBITDA margin at 12.5%. This dip is linked to temporary Jal Jeevan Mission (JJM) funding delays.

FY25 delivered strong annuals: INR 7,443 Cr revenue, INR 710 Cr PAT, and 0.31:1 Net Debt-Equity. **Strategic Initiatives & Growth Drivers:** ECL acquired Italy's T.I.S.

Service S.p.A., adding valve manufacturing with a patented 'FR line' (pressure-to-electricity conversion). Major demand drivers include government schemes like JJM (extended to 2028, INR 67,000 Cr for FY25-26), AMRUT 2.0, and Interlinking of Rivers projects. **Business Developments & Market Position:** As India's pioneer and leading DI Pipe/fittings manufacturer, ECL boasts 1,011,000 TPA capacity.

Integrated facilities offer cost advantages.

Strong global presence with over 60% of fittings revenue from exports solidifies preferred supplier status. **Investor Implications:** While Q1FY26 faced short-term headwinds from JJM funding delays, ECL's strategic acquisition and alignment with massive, long-term government water infrastructure initiatives present significant positive growth potential.

Its strong balance sheet adds stability.