Peer-superior 38% EBITDA on multi-route chemistry IP — STRONG tier; FY28 three-vertical thesis is the upgrade-watch.

FY27 base-case growth 25%

Capacity utilization by site — Sachin utilization declined from near-full in Q4FY25 to 75%, reflecting seasonal pattern. Ankleshwar remains underutilized (~31-40%) as new blocks ramp slowly. Jhagadia utilization is flat at ~50%, but this site is expected to drive future growth from battery