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Better delivery of consumer business on growth and margin Consolidated performance

• Consol. sales grew 11% YoY to INR37.5b (est. INR37.4b).
• Underlying volume growth remained strong at 9.9% (est. 12%, 9.8% in 4QFY25). UVG was 9.3% for Consumer & Bazaar (C&B) businesses and 12.6% for B2B businesses.
• The C&B segment’s revenue rose 10% YoY to INR30.1b (est.INR29.7b), with segmental EBIT growing 18% YoY to INR9.5b (est. INR8.7b). Segmental EBIT margin expanded 210bp YoY to 31.5%.
• The B2B segment’s revenue rose 11% YoY to INR8.1b (est. INR8.2b), with segmental EBIT growing 20% to INR1.3b (est. INR1.3b). Segmental EBIT margin expanded 130bp YoY to 16.5%.
• Gross margin expanded ~30bp YoY to 54.1% (est. 55%).
• Employee expenses rose 11% YoY and other expenses rose 5% YoY.
• EBITDA margin expanded 110bp YoY at 25.1% (est. 23.5).
• EBITDA grew 16% YoY to INR9.4b (est. INR8.8b).
• PBT grew 19% YoY to INR9.2b (est. INR8.4b).
• Adj. PAT increased 19% YoY to INR6.7b (est. INR6.2b).
• The company announced a bonus share issue of 1:1 and an interim dividend of INR10.

Subsidiaries

• Domestic subsidiaries reported double-digit sales growth of 12%, with EBITDA growing 32%, driven by the softening of input costs.
• International subsidiaries grew 6% YoY. EBITDA of International subsidiaries grew 9%.

Other takeaways

• The company remains cautiously optimistic as domestic conditions continue to improve, aided by a favorable monsoon, steady demand— particularly in the construction sector—lower interest rates, and recent measures aimed at boosting liquidity.
• However, the company remains vigilant of potential risks arising from geopolitical developments, which could impact supply chains and create uncertainty around global tariffs.

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