Moat anchored in customer relationships and cross-industry formulation know-how, but limited by cyclical end-markets and modest scale.

FY27 base-case growth 30-35%

Capacity utilization — Utilization has been gradually increasing from ~59% in Q1 FY26 to 64% by Q3 FY26, indicating steady demand absorption of newly commissioned capacity. The slight dip in Q4 FY26 to ~62% is attributable to the inclusion of higher capacity from the CrudeChem acqui