📈 Live Market Tracking
AI-Powered NSE Corporate Announcements Analysis
Dodla Dairy Q3 FY26: Revenue Up 13.7% to ₹10,250 Mn; EBITDA Margins Contract to 7.7%
Dodla Dairy reported a healthy 13.7% YoY revenue growth to ₹10,250 million for Q3 FY26, driven by a 19.6% surge in milk sales volume. However, EBITDA margins faced significant pressure, dropping to 7.7% from 10.6% YoY due to an 11.8% rise in milk procurement costs and lower bulk sales. PAT grew 8.1% YoY to ₹687 million, but this was largely supported by a one-time tax reversal of ₹219 million. The company is actively pursuing growth with a new greenfield project in Uganda and ongoing expansion in Maharashtra.
Key Highlights
Consolidated Revenue increased 13.7% YoY to ₹10,250 Mn, while Milk Sales volume reached 13.9 LLPD.
EBITDA declined 17.3% YoY to ₹793 Mn as procurement prices rose to ₹39.83 per liter versus ₹35.62 YoY.
PAT stood at ₹687 Mn, aided by a ₹219 Mn tax reversal which offset a ₹57 Mn one-time labor code provision.
Value-Added Products (VAP) excluding bulk sales grew to 25% of total revenue compared to 23% in the previous year.
Announced a new greenfield expansion in Uganda with an estimated capital outlay of ₹500-600 Mn over two years.
💼 Action for Investors
Investors should watch for margin recovery in upcoming quarters as the company balances market share gains with rising procurement costs. The aggressive expansion in Maharashtra and East Africa offers long-term scale, but short-term profitability is currently dependent on non-operational tax reversals.
Metro Brands Q3 PAT Jumps 33% YoY to ₹125 Cr; Declares ₹3 Interim Dividend
Metro Brands reported a strong performance for Q3 FY26, with standalone revenue growing 14.7% YoY to ₹789.18 crore. Net profit saw a significant surge of 33% YoY, reaching ₹125.19 crore despite a one-time impact of ₹3.39 crore due to new labour code provisions. The company declared an interim dividend of ₹3 per share with a record date of February 2, 2026. Additionally, the board approved the re-appointment of Nissan Joseph as CEO for another five-year term starting July 2026, ensuring leadership continuity.
Key Highlights
Standalone Revenue from operations increased 14.7% YoY to ₹789.18 crore.
Profit After Tax (PAT) grew 33% YoY to ₹125.19 crore for the quarter ended December 31, 2025.
Declared an interim dividend of ₹3 per equity share with a record date of February 2, 2026.
CEO Nissan Joseph re-appointed for a 5-year term effective July 1, 2026.
Recognized a one-time provision of ₹3.39 crore as past service cost for New Labour Codes.
💼 Action for Investors
Investors should take note of the robust double-digit profit growth and the company's ability to maintain margins despite regulatory cost impacts. The leadership continuity and consistent dividend payout reinforce a positive long-term outlook for the stock.
Metro Brands Declares ₹3 Interim Dividend; Q3 PAT Surges 33% YoY to ₹125 Crore
Metro Brands reported a strong Q3 FY26 performance with standalone revenue growing 14.7% YoY to ₹789.18 crore. Net profit for the quarter saw a significant jump of 33% to ₹125.19 crore, up from ₹94.12 crore in the previous year. The company declared an interim dividend of ₹3 per share and confirmed the re-appointment of Nissan Joseph as CEO for a further five-year term. Despite a one-time impact of ₹3.39 crore from new labor codes, the company maintained healthy margins.
Key Highlights
Standalone Revenue from operations increased to ₹789.18 Cr in Q3 FY26 from ₹687.86 Cr in Q3 FY25.
Profit After Tax (PAT) grew by 33% YoY to ₹125.19 Cr for the quarter ended December 31, 2025.
Declared an interim dividend of ₹3 per equity share with a record date of February 02, 2026.
Re-appointed Mr. Nissan Joseph as CEO for a 5-year term effective July 01, 2026.
Recognized a one-time provision of ₹3.39 Cr related to the implementation of New Labour Codes.
💼 Action for Investors
Investors should take note of the robust double-digit profit growth and the management's commitment to shareholder returns via dividends. The long-term re-appointment of the CEO provides leadership stability, making the stock a strong hold for growth-oriented portfolios.
Bikaji Foods Approves ₹50Cr Retail Investment and JV for Frozen Bakery Business
Bikaji Foods has announced a major strategic expansion involving a ₹50 Crore capital infusion into its retail subsidiary to scale QSR, café, and travel catering formats. The company is also entering the high-growth frozen bakery segment through a 70:30 joint venture with the founder of 'Bakemart'. Additionally, it is investing ₹25 Crore in Jai Barbareek Dev Snacks via convertible debentures and providing ₹13 Crore in loans to manufacturing partners. These moves signal a significant shift towards becoming a diversified food services player beyond traditional snacks.
Key Highlights
Approved ₹50 Crore additional investment in Bikaji Foods Retail Limited for QSR and café expansion.
Formed a 70:30 Joint Venture with Bakemart founder to enter the frozen bakery market in India.
Authorized ₹25 Crore investment in Jai Barbareek Dev Snacks via 2.5 Crore Optionally Convertible Debentures.
Approved loans of ₹5 Crore to subsidiary Petunt Food and ₹8 Crore to contract unit Dadiji Snacks.
Retail expansion targets diverse formats including mobile food stations, kiosks, and food chains.
💼 Action for Investors
Investors should view these strategic investments as a positive move toward higher-margin retail and bakery segments. Monitor the execution of the QSR rollout and the scaling of the frozen bakery JV as key growth drivers.
Shyam Metalics Releases Q3 & 9M FY26 Earnings Call Audio Recording
Shyam Metalics and Energy Limited has officially released the audio recording of its investor conference call regarding the financial results for the third quarter and nine months ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015. The recording provides investors with direct access to management's discussion on the company's operational performance and financial health for the period. It serves as a critical resource for understanding the context behind the reported numbers and future guidance.
Key Highlights
Audio recording for Q3 and 9M FY26 earnings call made available on January 27, 2026.
Compliance with Regulation 30 and 46(2)(oa) of SEBI (LODR) Regulations.
The call covers financial performance for the period ending December 31, 2025.
Recording link is hosted on the company's official website for public access.
💼 Action for Investors
Investors should listen to the recording to understand management's perspective on steel sector trends and capacity utilization. This will provide better clarity on the company's growth trajectory beyond the raw financial data.
Dev IT Achieves Prestigious CMMI Maturity Level 5 Rating for Development Excellence
Dev Information Technology Limited has achieved the CMMI Maturity Level 5 rating, the highest possible standard for organizational maturity in software development. This appraisal signifies that the company uses quantitative, data-driven approaches to optimize its processes and efficiency. This certification is expected to enhance the company's ability to secure large-scale, stringent international projects. Financially, the company reported a total income of ₹1,839.09 million and a net profit of ₹147.80 million in FY25.
Key Highlights
Achieved CMMI Maturity Level 5, Version 3.0, the highest level of organizational maturity.
Appraisal conducted by CUNIX Quality and Management Pvt. Ltd. to validate process excellence.
Reported FY25 Consolidated Total Income of ₹1,839.09 million and Net Profit of ₹147.80 million.
Certification enables the company to meet stringent national and international project requirements.
💼 Action for Investors
This certification improves the company's competitive edge in bidding for high-value global contracts. Investors should monitor if this leads to improved order book growth and higher margins in the coming quarters.
Asian Paints Q3 FY26: Net Sales up 3.9% to ₹8,850 Cr; Volume Growth at 7.9%
Asian Paints reported a resilient Q3 FY26 with consolidated net sales rising 3.9% YoY to ₹8,850 crores, driven by a 7.9% volume growth in the domestic decorative business. Gross margins expanded by 200 bps to 44.3% due to raw material deflation and sourcing efficiencies, despite a compressed festive season. However, reported PAT was impacted by exceptional items totaling ₹157.6 crores, including a ₹93.87 crore impairment on the White Teak acquisition and ₹63.74 crore for labor code adjustments. The industrial segment showed strong momentum with revenue growth exceeding 16% in both PPGAP and APPPG ventures.
Key Highlights
Domestic decorative volume grew 7.9% YoY, though value growth was lower at 2.8% due to price decreases and product mix.
Consolidated PBDIT increased by 8.8% to ₹1,781 crores, with PBDIT margins improving 90 bps to 20.1%.
Industrial business segments PPGAP and APPPG delivered robust revenue growth of 16.5% and 16.9% respectively.
Exceptional loss of ₹157.61 crores recognized, primarily due to impairment of White Teak intangibles and gratuity liabilities.
International business revenue grew 6.3% to ₹870 crores, with PBT margins improving 140 bps to 8.8%.
💼 Action for Investors
Investors should monitor the widening gap between volume and value growth, which suggests competitive pricing pressure in the core decorative segment. While operational margins are healthy, the impairment charge on the White Teak acquisition indicates potential challenges in scaling the non-paint home decor business profitably.
IGIL Q4 2025 Results: PAT Grows 18% to INR 1,346 Mn; EBITDA Margins Expand to 59.9%
International Gemmological Institute (India) Limited reported a strong Q4 2025 with revenue growing 21% YoY to INR 3,197 Mn and PAT increasing 18% to INR 1,346 Mn. For the full year (12M 2025), the company demonstrated operational efficiency with EBITDA margins expanding to 59.9% from 56.9% in the previous year. Growth was broad-based across natural and lab-grown diamond certification, with the latter benefiting from stabilized wholesale prices. The company maintains a dominant 50% market share in India's accreditation and certification services.
Key Highlights
Q4 2025 Revenue from operations grew 21% YoY to INR 3,197 Mn.
EBITDA for Q4 2025 rose 26% YoY to INR 1,913 Mn with strong margin performance.
Full-year (12M 2025) PAT increased by 24% to INR 5,316 Mn compared to the previous year.
EBITDA margins improved significantly to 59.9% in 12M 2025 from 56.9% in 12M 2024.
Certification revenue, the core business segment, saw a 23% growth in the December quarter.
💼 Action for Investors
The stock remains a strong play on the organized jewelry market and the rising adoption of lab-grown diamonds. Investors should monitor the sustainability of the high EBITDA margins as the business scales further.
IGIL Reports Strong 12M 2025 Performance with 24% PAT Growth and 59.9% EBITDA Margin
International Gemmological Institute (India) Limited (IGIL) reported a robust performance for the 12 months ended December 31, 2025, with consolidated PAT growing 24% YoY to INR 5,316 Mn. Revenue from operations increased by 17% to INR 12,291 Mn, supported by a 21% growth in certification volumes reaching 12.81 million reports. The company achieved significant margin expansion, with EBITDA margins rising 300 bps to 59.9%, driven by operating leverage and a favorable product mix in Natural and Lab Grown Diamonds. Cash flow generation remained strong with an FCF to EBITDA conversion rate of 60%.
Key Highlights
Consolidated PAT for 12M 2025 grew 24% YoY to INR 5,316 Mn with a 43.3% PAT margin.
EBITDA margins expanded by 300 bps YoY to 59.9% for the 12M period, reaching INR 7,367 Mn.
Total certification volumes increased 21% YoY to 12.81 million reports in 12M 2025.
Average Realized Price (ARP) in Q4 2025 rose 11% YoY to INR 951, driven by a mix shift toward loose stones.
Free Cash Flow (FCF) reached INR 4,405 Mn for 12M 2025, representing a 60% conversion from EBITDA.
💼 Action for Investors
Investors should take note of the company's industry-leading margins and strong volume growth across both natural and lab-grown diamond segments. The stock remains a key play on the organized diamond certification market, though monitoring the stability of LGD pricing remains essential.
IGIL Q3 Results: PAT Rises 17.7% YoY to ₹1,315 Mn; Board Proposes Name Change
International Gemmological Institute (India) Limited (IGIL) reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 29.8% YoY to ₹2,470.45 million. Net profit for the quarter increased by 17.7% YoY to ₹1,314.97 million, while the 12-month profit reached ₹5,472.47 million. The company is currently in a transition period, extending its financial year to 15 months ending March 31, 2026, to align with the standard April-March cycle. Additionally, the board has approved a proposal to change the company's name, pending regulatory approvals.
Key Highlights
Revenue from operations grew 29.8% YoY to ₹2,470.45 million for the quarter ended December 2025.
Net profit increased by 17.7% YoY to ₹1,314.97 million compared to ₹1,116.82 million in the previous year's quarter.
12-month revenue for the period Jan-Dec 2025 stood at ₹9,561.44 million, up from ₹7,854.16 million in the prior period.
The current financial year is extended to 15 months (Jan 1, 2025, to March 31, 2026) to align with the April-March fiscal cycle.
Board approved a proposal to change the company name, subject to Ministry of Corporate Affairs approval.
💼 Action for Investors
Investors should take note of the consistent double-digit growth in both revenue and PAT as a sign of operational strength. Monitor the upcoming 15-month audited results for a comprehensive view of the transition year.
Cemindia Projects Shareholders Approve PWC as Auditor and Name Change with 99.99% Majority
Cemindia Projects Limited (formerly ITD Cementation India Limited) has announced the results of its postal ballot, where shareholders approved two key resolutions with near-unanimous support. The company received approval to appoint Price Waterhouse Chartered Accountants LLP as Statutory Auditors to fill a casual vacancy. Additionally, shareholders ratified the compliance certificate for the company's name change from ITD Cementation India Limited to Cemindia Projects Limited. Approximately 74.64% of total shares were polled, with over 99.99% of votes cast in favor of both resolutions.
Key Highlights
Appointment of Price Waterhouse Chartered Accountants LLP as Statutory Auditors approved with 99.9995% votes in favor.
Ratification of the company's name change to Cemindia Projects Limited approved by 99.9995% of voting shareholders.
Total of 12,82,30,601 votes were polled for the special resolution, representing a 74.64% turnout of the total share capital.
The auditor appointment fills a casual vacancy following the resignation of M/s T R Chadha & Co. LLP and is valid until the 2026 AGM.
💼 Action for Investors
The transition to a 'Big 4' auditor like Price Waterhouse is a positive signal for corporate governance and financial transparency. Investors should view the successful name change and high shareholder participation as a sign of stability during the company's rebranding phase.
Unimech Aerospace Statutory Auditor M S K A & Associates Converts to LLP
Unimech Aerospace and Manufacturing Limited has announced that its statutory auditor, M S K A & Associates, has converted into a Limited Liability Partnership (LLP) effective January 13, 2026. The firm will now operate under the name M S K A & Associates LLP with ICAI Registration No. 105047W/W101187. This is a routine administrative change and does not affect the existing audit engagement or the auditor's tenure. The company was officially notified of this change via email on January 23, 2026.
Key Highlights
Statutory auditor M S K A & Associates converted to an LLP effective January 13, 2026
New entity name is M S K A & Associates LLP with ICAI Firm Registration No. 105047W/W101187
No change in the existing audit engagement or the remaining tenure of the appointment
The conversion was executed under the provisions of the Limited Liability Partnership Act, 2008
💼 Action for Investors
No action is required from investors as this is a standard administrative update regarding the legal structure of the company's auditor.
Gem Aromatics Q3FY26: Dahej Plant Commissioned; Targets Rs 1,100 Cr Revenue by FY28
Gem Aromatics reported a consolidated revenue of Rs 78.9 Cr for Q3FY26, a 19% YoY decline attributed to tariff uncertainties and GST-related changes. The company achieved a major milestone by commissioning its greenfield Dahej facility on December 11, 2025, with a total capex of Rs 270 Cr. While consolidated PAT showed a loss of Rs 5 Cr due to a high non-cash depreciation charge of Rs 8.7 Cr post-capitalization, standalone EBITDA margins improved to 9.1%. Management has provided a strong long-term guidance, targeting revenues of Rs 1,050-1,100 Cr and EBITDA margins of 16-18% by FY28.
Key Highlights
Commissioned greenfield Dahej plant with 10,829 MTPA capacity on Dec 11, 2025.
Consolidated revenue declined 19% YoY to Rs 78.9 Cr, while standalone EBITDA margin rose to 9.1%.
Reported consolidated loss of Rs 5 Cr driven by Rs 8.7 Cr in non-cash depreciation from new facility.
Management targets aggressive growth to Rs 1,050 - 1,100 Cr revenue by FY28.
Diversifying into high-value cooling agents and phenol derivatives to reduce dependency on mint products.
💼 Action for Investors
Investors should focus on the capacity utilization and ramp-up of the Dahej facility in Q4FY26 as the primary growth driver. While the current bottom line is impacted by depreciation, the transition toward high-margin specialty chemicals and the FY28 guidance suggest significant long-term potential.
Ishan Dyes and Chemicals CS Anisha Jain Resigns to Pursue Other Opportunities
Ishan Dyes and Chemicals Limited has announced the resignation of Ms. Anisha Jain from the post of Company Secretary and Compliance Officer, effective January 27, 2026. Ms. Jain had been in the role since January 2, 2023, and is leaving to pursue alternate career opportunities. The company stated there are no other material reasons for her departure. As a Key Managerial Personnel (KMP), her exit requires the company to appoint a successor to maintain regulatory compliance.
Key Highlights
Ms. Anisha Jain resigned as Company Secretary and Compliance Officer effective close of business on January 27, 2026.
The outgoing CS served a tenure of approximately 3 years, having joined on January 2, 2023.
The resignation is for pursuing alternate career opportunities with no other material reasons disclosed.
Ms. Jain also ceases to be a Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013.
💼 Action for Investors
This is a routine administrative change and does not impact the company's core operations or financials. Investors should monitor for the appointment of a new Compliance Officer to ensure seamless regulatory adherence.
Motilal Oswal Q3 FY26 Revenue Grows 17% YoY to ₹2,008 Cr; PAT Steady at ₹569 Cr
Motilal Oswal Financial Services reported a 17.4% year-on-year growth in consolidated revenue from operations, reaching ₹2,008.5 crore for the quarter ended December 31, 2025. While Profit After Tax (PAT) remained flat at ₹569.16 crore compared to the previous year, the Total Comprehensive Income saw a significant jump to ₹725.04 crore, driven by fair value gains. For the nine-month period, the company has achieved a substantial PAT of ₹2,508.18 crore. Additionally, the firm strengthened its capital position by raising ₹300 crore through the private placement of Non-Convertible Debentures (NCDs).
Key Highlights
Consolidated Revenue from operations increased 17.4% YoY to ₹2,008.5 crore in Q3 FY26.
Profit After Tax (PAT) for the quarter stood at ₹569.16 crore, maintaining stability YoY.
Total Comprehensive Income surged to ₹725.04 crore from ₹460.86 crore in the same quarter last year.
Raised ₹300 crore through Private Placement of NCDs during the quarter for business operations.
Nine-month EPS (Basic) reached a strong ₹41.83 per share.
💼 Action for Investors
Investors should note the strong top-line growth and the significant boost in comprehensive income, which reflects well on the company's investment portfolio. The steady PAT despite rising revenues suggests a focus on scale, making it a solid hold for long-term exposure to the Indian capital markets.
L&T Announces Schedule for 9 Institutional Investor Meets and Global Roadshows (Feb-Mar 2026)
Larsen & Toubro (L&T) has disclosed a comprehensive schedule of nine investor interactions and conferences set to take place between February 2 and March 23, 2026. The schedule includes international Non-Deal Roadshows (NDRs) in Hong Kong and Singapore, as well as participation in major domestic conferences in Mumbai. These meetings involve high-profile global and domestic financial institutions such as Goldman Sachs, HSBC, Morgan Stanley, and Axis Capital. The company will use standard presentations already available on the stock exchange websites.
Key Highlights
9 scheduled interactions with institutional investor groups between February 2 and March 23, 2026
International Non-Deal Roadshows (NDRs) planned for Hong Kong (Feb 2-3) and Singapore (Feb 4-5)
Participation in 4 major flagship India conferences hosted by Nuvama, Axis Capital, IIFL, and Kotak
Engagement with top-tier global brokerages including Goldman Sachs, HSBC, Jefferies, and Morgan Stanley
💼 Action for Investors
These meetings are routine investor relations activities; investors should monitor for any new management commentary or updated investor presentations that may be released during this period.
Ishan Dyes & Chemicals CS Anisha Jain Resigns Effective Jan 27, 2026
Ishan Dyes and Chemicals Limited has announced the resignation of Ms. Anisha Jain from the position of Company Secretary and Compliance Officer, effective January 27, 2026. Ms. Jain had been with the company since January 2, 2023, completing a tenure of approximately three years. The resignation is attributed to her desire to pursue alternate career opportunities, and she has confirmed there are no other material reasons for her departure. The company will now need to appoint a successor to fulfill this Key Managerial Personnel (KMP) role.
Key Highlights
Ms. Anisha Jain resigned as Company Secretary and Compliance Officer effective January 27, 2026.
She served in the role for approximately 3 years, having joined on January 2, 2023.
The resignation is for pursuing alternate career opportunities with no material concerns cited.
The company will place the resignation before the Board of Directors in the upcoming meeting to initiate the replacement process.
💼 Action for Investors
This is a routine administrative change and does not impact the company's core operations. Investors should simply monitor for the appointment of a qualified successor to ensure continued regulatory compliance.
SAIL Schedules Analyst and Institutional Investor Meet for Feb 2, 2026
Steel Authority of India Limited (SAIL) has announced a group meet for analysts and institutional investors scheduled for February 2, 2026, at 12:30 PM. The conference call will focus on discussing the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This meeting follows a prior notification issued on January 20, 2026, regarding the earnings schedule. Investors can access the specific call details through the company's official investor relations website.
Key Highlights
Analyst and Institutional Investor Group Meet scheduled for February 2, 2026, at 12:30 PM.
The meeting will be conducted via conference call to discuss Q3 and 9M FY2025-26 results.
Follows the previous intimation dated January 20, 2026, regarding financial result timelines.
Details are hosted on the SAIL website under the Investor Relations-Concall Invite section.
💼 Action for Investors
Investors should track the conference call for management commentary on steel demand trends and coking coal price outlook. The call may provide critical updates on the company's debt reduction progress and future capacity expansion timelines.
Coffee Day Enterprises Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26
Coffee Day Enterprises Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited, covers the quarter ended December 31, 2025. It confirms that all dematerialization requests were processed within the prescribed timelines and physical certificates were cancelled. This is a standard procedural filing required for all listed companies in India to ensure the integrity of the dematerialization process.
Key Highlights
Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Transfer Agent MUFG Intime India Private Limited
Confirms dematerialization requests were processed and listed on stock exchanges
Physical security certificates were mutilated and cancelled as per SEBI norms within prescribed timelines
💼 Action for Investors
No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's debt restructuring progress and quarterly financial performance.
Gem Aromatics Q3 Results: Consolidated PAT Slips to Loss of ₹5 Cr on High Capex Depreciation
Gem Aromatics reported a consolidated net loss of ₹5.0 crore for Q3 FY26, a sharp decline from a ₹7.5 crore profit YoY, primarily due to ₹8.7 crore in depreciation following the capitalization of its new Dahej facility. Consolidated revenue fell 18.5% YoY to ₹78.9 crore, impacted by external headwinds like GST changes and tariff uncertainties that led to customer inventory optimization. Despite the short-term bottom-line pressure, the company successfully commenced commercial production at its ₹270 crore Dahej plant in December 2025. Management has issued a long-term guidance targeting revenue of ₹1,050-1,100 crore by FY28.
Key Highlights
Consolidated Q3 revenue declined 18.5% YoY to ₹78.9 crore, while 9MFY26 PAT plummeted to ₹0.4 crore from ₹25.8 crore YoY.
Reported a consolidated net loss of ₹5.0 crore in Q3 FY26, heavily impacted by ₹8.7 crore in non-cash depreciation charges.
Capitalized ₹250 crore of the total ₹270 crore capex for the Dahej facility, which will increase total capacity to approximately 16,000 MTPA.
Commenced commercial production of cooling agents (WS-23, WS-03) and clove derivatives at the Dahej plant on December 11, 2025.
Management targets FY28 revenue of ₹1,050-1,100 crore with EBITDA margins of 16-18% as asset utilization improves.
💼 Action for Investors
The current net loss is primarily an accounting impact from high depreciation of a major new facility; investors should monitor the ramp-up in capacity utilization at Dahej. The long-term investment case depends on the company's successful transition into high-value specialty chemicals and meeting its ambitious FY28 revenue targets.