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Everest Industries Limited (EVERESTIND)

₹483.90 -0.18% last close, 16 Oct

📊 NSE: EVERESTIND 🏢 Cement Products 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

📅 Next results: 26 Oct 2026 (board meeting)

Everest Industries Limited's board meets on 26 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Everest Industries' revenue was ₹436 Cr (-13.0% year on year, +33.3% on the previous quarter), and net profit ₹102 Cr; the operating margin was 10.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹436	-13.0%	+33.3%
Operating profit	₹44.1	+175.9%	from loss
Net profit	₹102	—	from loss
EPS (₹)	64.39	—	from loss
Operating margin	10.1%	—	—

Full quarterly financials → Results calendar →

EVERESTIND delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 34.39% of the EVERESTIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.78%. That is lower than usual for this stock. Turnover was only ₹46 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 3 sessions in about the last 20.

34.39%Delivery, 16 Oct

58.78%Own 20-session average

0.5×Volume vs its average

₹483.90NSE close · -0.18%

Delivery in the last 5 sessions: 46.6% · 60.5% · 69.1% · 60.2% · 34.4%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Everest Industries Infuses ₹112.93 Cr in WOS Everest Buildpro

🟡 NEUTRAL ⭐ 6/10

EXPANSION 📅 16 Oct 2026, 12:44 PM

Everest Industries Limited has paid the first and final call amount of ₹1,12,93,02,900 (~₹112.93 Cr) to its wholly owned subsidiary, Everest Buildpro Private Limited (EBPL). Following this payment on October 15, 2026, 1,54,150 partly paid-up equity shares of face value ₹10 each stand converted into fully paid-up equity shares. Everest Industries continues to retain 100% shareholding in EBPL. The capital infusion is significant relative to Everest Industries' balance sheet, representing ~21.6% of its net worth (₹523 Cr) and ~17.1% of its market cap (₹660 Cr).

Paid first and final call amount of Rs. 1,12,93,02,900 to wholly owned subsidiary EBPL
Converted 1,54,150 partly paid-up equity shares (face value Rs. 10 each) into fully paid-up shares
Call payment executed on October 15, 2026, pursuant to call notice from EBPL
Everest Industries continues to maintain 100% equity ownership in EBPL

💡 Track the deployment of this ₹112.93 Cr capital in upcoming quarterly updates to see if funds are directed toward new capacity ramp-up or operational expansion.

Everest Industries Receives ₹13.34 Cr GST Show Cause Notice for FY23

🔵 WATCH ⭐ 4/10

LEGAL 📅 25 Sep 2026, 04:37 PM

Everest Industries has received a Show Cause Notice (DRC 01) from the Deputy Commissioner of State Tax, Nashik, under Section 73(1) of the CGST and MGST Act, 2017. The department has proposed a total demand of ₹13.34 Cr (Tax of ₹7.32 Cr, Interest of ₹5.29 Cr, and Penalty of ₹0.73 Cr) relating to FY 2022-23. The objections cite excess ITC claims in GSTR 3B vs GSTR 2B/2A and short liability disclosures relative to GSTR 1 and E-way bills. The company stated it has strong legal grounds, plans to contest the notice, and does not expect the demand to materialize into an actual liability.

Total tax demand proposed is ₹13,34,35,202 across tax, interest, and penalty
Demand breakdown comprises ₹7,32,16,851 in tax, ₹5,28,96,667 in interest, and ₹73,21,684 in penalty
Issues pertain to FY 2022-23 regarding excess ITC and reconciliations between GSTR 3B, GSTR 1, and E-way bills
Show cause notice was received on September 24, 2026, from the Deputy Commissioner of State Tax, Nashik

💡 Track the company's formal response to the SCN and watch whether the authority confirms the demand via an adjudication order.

Everest Industries: VP - R&D Dr. Trissa Joseph Resigns Effective September 30, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Sep 2026, 04:22 PM

Everest Industries Limited has announced the resignation of Dr. Trissa Joseph from the position of Vice President – R&D, categorized as Senior Management Personnel. The resignation was tendered on September 11, 2026, citing personal reasons, and takes effect at the close of business hours on September 30, 2026. Dr. Joseph will facilitate a transition of responsibilities prior to departure, with no successor announced in the disclosure.

Dr. Trissa Joseph, Vice President – R&D, resigned citing personal reasons.
Effective date of resignation is September 30, 2026, following notice on September 11, 2026.
The departure affects Senior Management Personnel under SEBI Listing Regulations.

💡 Track subsequent exchange disclosures regarding the appointment of a new R&D head to ensure continuity in new product development and panel formulations.

Everest Industries Receives ₹3.89 Cr GST Show Cause Notice for FY21

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 01 Sep 2026, 11:44 AM

Everest Industries has received a Show Cause Notice (DRC 01) from the Deputy Commissioner of State Tax, Balasore, Odisha, raising a total demand of ₹3.89 Cr for FY 2020-21. The demand comprises ₹1.31 Cr in tax, ₹1.28 Cr in interest, and ₹1.31 Cr in penalty under Section 74 of the CGST & OGST Act, 2017. The issues relate to ITC disallowance, credit note timings, blocked credit, and RCM liabilities. The company stated that it maintains strong legal grounds, is preparing a reply, and does not expect a material financial impact.

Total GST demand of ₹3,89,21,097 under Section 74 of CGST/OGST Act for FY 2020-21.
Demand includes Tax of ₹1,30,83,256, Interest of ₹1,27,54,585, and Penalty of ₹1,30,83,256.
Dispute spans ITC eligibility under Section 16(2)(c) and 17(5), credit notes, and RCM liabilities.
Notice was received on August 31, 2026; company is preparing a response to challenge the demand.

💡 Track subsequent filings to observe whether the show cause notice translates into an adverse final assessment order or is dropped upon submission of the company's reply.

Maharashtra GST Search Concludes; Everest Industries Flags Potential Rs 46.98 Lakh Interest Impact

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Aug 2026, 03:44 PM

Everest Industries has announced the conclusion of inspection and search proceedings conducted by the Commissioner of State Tax, Maharashtra on August 26, 2026. Following discrepancies noted in the proceeding sheet, the company has deposited GST for the period from FY 2021-22 till date under protest, which remains eligible for restitution. Management stated there is no material operational or financial impact, except for potential compensatory interest of Rs 46.98 lakhs, part of which remains under dispute.

GST search proceedings concluded on August 26, 2026, at 8:45 PM IST
Company deposited GST dues under protest for the period FY 2021-22 till date
Identified financial exposure limited to potential compensatory interest of Rs 46.98 lakhs
Potential interest exposure of Rs 46.98 lakhs represents less than 0.04% of TTM revenue (Rs 1,352 Cr)

💡 Track subsequent legal or appellate proceedings regarding the disputed compensatory interest of Rs 46.98 lakhs and recovery of tax paid under protest.

Maharashtra GST Department Initiates Search Under Section 67 at Corporate Office and Factory

🔵 WATCH ⭐ 6/10

REGULATORY 📅 21 Aug 2026, 11:54 AM

Everest Industries informed exchanges that Maharashtra State GST officials initiated inspection and search proceedings on August 20, 2026, at 12:00 PM. The proceedings under Section 67 of the Maharashtra GST Act, 2017, cover the company's Corporate Office in Mumbai and its manufacturing unit in Maharashtra. No specific violation or monetary demand has been communicated by the authorities yet. The company stated that there is currently no material impact on operations or financials, and it is extending full cooperation.

Search proceeding initiated on August 20, 2026, at 12:00 Noon under Section 67 of Maharashtra GST Act, 2017
Covers Corporate Office in Mumbai and Maharashtra manufacturing unit
No specific contravention or monetary demand communicated as of August 21, 2026
Company reports no current material impact on business operations or financials

💡 Watch for subsequent regulatory filings regarding the conclusion of the search and whether any show-cause notices, tax demands, or penalties are issued by the GST authorities.

Everest Industries Appoints Price Waterhouse as Statutory Auditors for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 06:48 PM

Everest Industries Limited has appointed M/s. Price Waterhouse Chartered Accountants LLP as its Statutory Auditors for a five-year term, effective from the conclusion of the 93rd AGM on August 3, 2026. This appointment follows the mandatory rotation of the outgoing auditors, M/s. S R B C & Co. LLP, who completed their second five-year term. The change comes at a time when the company is navigating financial stress, reporting a TTM net loss of Rs 101 Cr and a negative OPM of 2.7%. The appointment of a 'Big Four' affiliate ensures continued high-standard financial oversight.

Appointment of M/s. Price Waterhouse Chartered Accountants LLP for a first term of 5 consecutive years.
Outgoing auditors M/s. S R B C & Co. LLP completed their second 5-year term as per Companies Act requirements.
The 93rd Annual General Meeting (AGM) concluded at 4:47 p.m. IST on August 3, 2026.
New auditor firm Price Waterhouse has more than 125 Assurance Partners as of December 31, 2025.
Company currently manages a TTM revenue of Rs 1,417 Cr with a net loss of Rs 101 Cr.

💡 Investors should monitor the first set of financial results audited by the new firm to check for any changes in accounting treatments or notes, particularly regarding the recovery of the loss-making roofing and B&P segments.

Everest Industries Approves ₹1 Dividend and New Statutory Auditors at 93rd AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 05:05 PM

Everest Industries Limited held its 93rd Annual General Meeting on August 3, 2026, where shareholders approved all 12 proposed resolutions with significant majorities. Key outcomes include the declaration of a ₹1 per share final dividend for FY26 and the appointment of Price Waterhouse Chartered Accountants LLP as statutory auditors for a five-year term. Despite a TTM net loss of ₹101 Cr, the company is proceeding with a small dividend payout. The meeting also formalized remuneration for non-executive directors and the reappointment of Padmini Sekhsaria as a director.

Final dividend of ₹1 per equity share (10% of face value) approved for the financial year ended March 31, 2026
Price Waterhouse Chartered Accountants LLP appointed as Statutory Auditors for a 5-year term until the 98th AGM
A total of 12 resolutions were passed, including the adoption of audited standalone and consolidated financial statements
Record date for voting was July 27, 2026, with 18,350 shareholders on record
Special resolutions passed for the payment of commission to Non-Executive Directors for 5 years starting April 1, 2026

💡 Investors should focus on the upcoming quarterly results to see if the company can reverse its TTM net loss of ₹101 Cr, particularly through the ramp-up of the ₹187 Cr Assam plant.

₹3.17 Cr GST Show Cause Notice received from Odisha Tax Authorities

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 04 Aug 2026, 11:28 AM

Everest Industries Limited has received a Show Cause Notice (DRC 01) from the GST Department in Balasore, Odisha, for the financial year 2022-23. The total demand amounts to ₹3.17 Cr, which includes tax, interest, and penalties. The notice alleges short payment of GST due to turnover adjustments and ineligible Input Tax Credit (ITC) claims. The company intends to contest the demand, stating it has strong legal grounds and does not expect a material financial impact.

Total demand of ₹3,17,49,077 (₹3.17 Cr) raised under Section 73 of the CGST & OGST Act, 2017.
Demand breakdown includes ₹1,87,60,756 in tax, ₹1,11,02,255 in interest, and ₹18,86,066 in penalty.
The notice pertains to discrepancies in FY 2022-23, specifically regarding GSTR-9C adjustments and ITC claims.
The demand represents approximately 0.22% of the company's TTM revenue of ₹1417 Cr.
Company is in the process of preparing a response and believes the demand is unlikely to materialize as a liability.

💡 Investors should monitor whether this Show Cause Notice leads to a final adverse order and if similar tax disputes arise in other states where the company operates.

Everest Industries 93rd AGM: Re 1.00 Dividend Declared Amid FY26 Net Loss of Rs 101 Cr

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 03 Aug 2026, 06:42 PM

Everest Industries concluded its 93rd Annual General Meeting on August 3, 2026, where shareholders considered the adoption of FY26 financial statements and a final dividend of Re 1.00 per share. Despite a challenging fiscal year with a net loss of Rs 101.15 Cr and negative OPM of -2.7%, the company is proceeding with the dividend payout. Key administrative approvals included the appointment of Price Waterhouse Chartered Accountants LLP as statutory auditors and remuneration for non-executive directors. Management addressed shareholder queries regarding the company's performance and strategic direction.

Final dividend of Re 1.00 per equity share (10% of face value) approved for FY26.
Company reported a consolidated net loss of Rs 101.15 Cr for FY26 on revenue of Rs 1417.11 Cr.
Appointment of M/s. Price Waterhouse Chartered Accountants LLP as the new Statutory Auditors.
Approval sought for a 5-year commission structure for Non-Executive Directors starting April 1, 2026.
A total of 69 members attended the meeting conducted via video conferencing.

💡 Investors should monitor the formal voting results to be released within two working days to check for any significant dissent on director remuneration or auditor appointments.

Everest Industries to wind up Mauritius subsidiary Everest Building Products

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jul 2026, 07:47 PM

Everest Industries has approved the voluntary winding-up of its wholly-owned Mauritius subsidiary, Everest Building Products (EBP). The subsidiary is non-operational, reporting zero revenue and a negative net worth of Rs 5.16 lakhs as of March 31, 2026. This move is aimed at simplifying the group structure and will not impact the company's consolidated revenue or profitability. Given the parent's TTM revenue of Rs 1,417 Cr, this event is financially immaterial.

Subsidiary revenue for FY26 was Nil (0% of consolidated turnover)
Subsidiary net worth stood at Rs (5.16) lakhs, representing just 0.01% of the parent's net worth
Board approval for voluntary winding-up granted on July 27, 2026
Action taken specifically to simplify the group structure

💡 Investors should focus on the company's core operations, particularly the ramp-up of the Rs 187 Cr Assam plant, as this administrative closure has no bearing on business fundamentals.

₹42 Cr Consolidated Loss; Everest Industries Cancels Major CAPEX Plans

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 Jul 2026, 07:30 PM

Everest Industries reported a weak Q1 FY27 with consolidated revenue dropping 34.6% YoY to ₹327.17 Cr. The company swung to a consolidated net loss of ₹42.08 Cr from a profit of ₹3.32 Cr in the previous year's quarter. While standalone profits were inflated by a ₹96.15 Cr one-time gain from a property sale, the core business remains under pressure. Critically, the board has withdrawn previously announced CAPEX plans for new Fiber Cement Boards and PEB manufacturing facilities, citing a re-assessment of feasibility.

Consolidated revenue declined 34.6% YoY to ₹327.17 Cr from ₹500.72 Cr.
Reported a consolidated net loss of ₹42.08 Cr compared to a profit of ₹3.32 Cr in Q1 FY26.
Standalone results included a ₹96.15 Cr exceptional gain from the sale of property at Podanur.
Withdrew CAPEX plans for new manufacturing facilities in both Fiber Cement Boards and Pre-Engineered Buildings (PEB).
Recognized provisions and write-offs totaling ₹4.88 Cr related to the cancelled expansion projects.

💡 Investors should monitor management commentary regarding the rationale for cancelling growth CAPEX and the strategy to arrest the sharp decline in consolidated revenues.

Rs 1.36 Cr GST Show Cause Notice Received by Everest Industries

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 25 Jul 2026, 02:43 PM

Everest Industries has received a Show Cause Notice (DRC 01) from the CGST Department, Haryana, for a tax demand of Rs 1.36 Cr. The demand covers the period from FY 2020-21 to FY 2023-24 and relates to alleged ineligible Input Tax Credit (ITC) and short-payment of GST under the Reverse Charge Mechanism (RCM). The company intends to contest the demand, asserting strong legal grounds. Given the company's TTM revenue of Rs 1,417 Cr, the demand is immaterial at less than 0.1% of annual turnover.

Tax demand of Rs 1,35,68,692 (Rs 1.36 Cr) raised by the CGST Department, Kurukshetra.
Notice covers a four-year period from FY 2020-21 to FY 2023-24.
Dispute involves ineligible ITC on hotel expenses and short-payment of GST on freight and security services.
The demand amount represents approximately 0.096% of the company's TTM revenue of Rs 1,417 Cr.
Company states there is no expected material financial impact as it prepares to defend the case.

💡 Investors should treat this as a routine regulatory matter; watch for any final adjudication order, though the current quantum is not financially significant.

Everest Industries Appoints Dr. Ujjal Bhattacharjee as CHRO Effective July 16, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Jul 2026, 11:26 PM

Everest Industries has appointed Dr. Ujjal Bhattacharjee as Chief Human Resources Officer (CHRO) to its senior management team. Dr. Bhattacharjee brings over 25 years of experience from the manufacturing and automotive sectors, including roles at Foseco India and GKN Sinter Metals. This leadership addition comes at a critical time as the company faces financial headwinds, including a TTM loss of ₹101 Cr and a negative operating margin of -2.7%. His focus will likely involve organizational transformation to support the company's 12% growth target.

Dr. Ujjal Bhattacharjee appointed as CHRO effective July 16, 2026
Brings over 25+ years of experience in manufacturing, engineering, and automotive sectors
Company reported a TTM loss of ₹101 Cr and a negative ROCE of -7.0%
Previous experience includes leadership roles at Foseco India and Biorad Medisys
Role involves aligning people strategy with profitable business growth and operational excellence

💡 Investors should monitor whether this leadership change contributes to improved operational efficiency and a turnaround in the company's negative operating margins (-2.7%).

Everest Industries to Hold 93rd AGM on Aug 3; Record Date for Dividend Set for July 27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Jul 2026, 03:35 PM

Everest Industries Limited has scheduled its 93rd Annual General Meeting (AGM) for August 3, 2026, to be conducted via video conferencing. The company has established July 27, 2026, as the record date for determining eligibility for the final dividend and the cut-off date for e-voting. This procedural update follows a difficult financial period where the company reported a TTM loss of ₹101 Cr on revenue of ₹1,417 Cr. Shareholders can now access the full FY 2025-26 Annual Report through the company's website.

93rd Annual General Meeting scheduled for August 3, 2026, at 3:30 p.m. IST
Record date for Final Dividend and e-voting cut-off set for July 27, 2026
E-voting period to run from July 30, 2026 (9:00 a.m.) to August 2, 2026 (5:00 p.m.)
TTM Revenue stands at ₹1,417 Cr against a TTM PAT loss of ₹101 Cr
Company is currently loss-making with a TTM EPS of ₹-64.15

💡 Investors should review the FY 2025-26 Annual Report for management's commentary on the turnaround strategy, specifically the progress of the ₹187 Cr Assam plant and efforts to resolve processing inefficiencies in the roofing segment.

View All EVERESTIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 was INR 306.16 Cr, a decline of 18.7% YoY from INR 376.82 Cr. Building Products (BP) segment revenue was INR 230.76 Cr, down 37.8% QoQ. Steel Buildings (PEB) segment revenue was INR 75.40 Cr, down 42% QoQ.

Geographic Revenue Split

Not disclosed in available documents, though the company is expanding its footprint in Eastern India through a new plant in Assam.

Profitability Margins

The company reported a consolidated loss before tax of INR 24.75 Cr in Q2 FY26. Operating margins have faced sustained pressure, with EBITDA margins falling to 0.9% in H1 FY26 compared to earlier expectations of 5-6%. Return on Net Worth was -0.60% in FY24.

EBITDA Margin

EBITDA margin was 0.9% in H1 FY26, significantly lower than the 5-6% target. This was driven by lower processing efficiency in the roofing business and execution of low-margin PEB contracts.

Capital Expenditure

The company announced a total capex of INR 187 Cr for a new Boards and Panels (B&P) plant in Assam, with INR 169 Cr already incurred by the end of FY25. Additionally, INR 138 Cr was specifically allocated for Eastern market expansion.

Credit Rating & Borrowing

Ratings were downgraded to [Crisil] A-/Negative and [ICRA] A (Negative). Debt of INR 95 Cr was availed in FY25 to fund capex. Interest coverage moderated to 2.1x in FY25 from 5.7x in FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Asbestos (for roofing) and Steel (for PEB). Asbestos dependence on Russian suppliers has been a historical risk, now being mitigated through diversification.

Import Sources

Asbestos was primarily sourced from Russia; the company is now adding new suppliers from other regions to de-risk the supply chain.

Key Suppliers

Not specifically named, but the company has transitioned from a heavy reliance on Russian asbestos suppliers to a more diversified vendor base.

Capacity Expansion

B&P capacity was increased by 91,000 MT in FY24. A new plant in Assam is being set up to capture Eastern Indian markets.

Raw Material Costs

Raw material costs for H1 FY26 were INR 441.49 Cr, representing approximately 54.7% of total revenue. Costs have been impacted by rising input prices and inflationary pressures.

Manufacturing Efficiency

ROCE was 1.63% in FY25, down from 12.19% in FY22, indicating a significant drop in capital efficiency due to lower fixed cost absorption in the B&P segment.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth will be driven by the ramp-up of the B&P segment (higher margin urban clientele), the new INR 187 Cr Assam plant for Eastern markets, and a focus on higher-margin PEB orders. The company is also expected to receive INR 134 Cr from a land sale in FY26 to bolster liquidity.

Products & Services

Asbestos Cement (AC) Roofing, Fiber Cement Boards, Panels, and Pre-Engineered Steel Buildings (PEB).

Brand Portfolio

Everest

New Products/Services

Expansion of the Boards and Panels (B&P) portfolio to target urban markets, expected to contribute to a 300-400 bps margin improvement over the medium term.

Market Expansion

Targeting Eastern India through the new Assam plant and increasing the revenue share of the PEB segment, which has grown from 20% to 30% over the last 5 years.

Market Share & Ranking

The company has reported an increased market share over the past two years, though specific ranking is not provided.

🌍 External Factors

Industry Trends

The industry is shifting toward non-asbestos building products (B&P) and pre-engineered steel structures for industrial use. Everest is positioning itself by increasing its PEB revenue share to 30%.

Competitive Landscape

Faces intense competition from regional players in the roofing segment and substitute products like galvanized steel sheets.

Competitive Moat

Moat is built on a strong distribution network and brand recognition in the roofing segment, coupled with early diversification into the high-growth PEB sector.

Macro Economic Sensitivity

High sensitivity to rural spending and GDP growth, as AC roofing demand is derived from rural household construction.

Consumer Behavior

Shift in urban demand toward fiber cement boards and panels for modern construction.

Geopolitical Risks

Exposure to the Russia-Ukraine conflict due to historical dependence on Russian asbestos suppliers, now being mitigated through supply chain de-risking.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to pollution norms and safety standards for asbestos handling. The company is diversifying into non-asbestos products to mitigate regulatory risks.

Taxation Policy Impact

The company received a tax credit of INR 5.25 Cr in Q2 FY26. GST incentives of INR 9.50 Cr were recognized, with INR 7.79 Cr as an exceptional item for prior periods.

⚠️ Risk Analysis

Key Uncertainties

Recovery of operating margins from the current 0.9% to the targeted 5-6% remains the primary uncertainty. Processing inefficiencies in roofing could impact profitability by 4-5%.