Integrated specialty films maker with brand and scale, but tariff & cyclical risks cap moat.

FY26 base-case growth 15-20%

PPF Capacity Utilization — Utilization surged to 133% in FY25 via fungible SCF lines, then new capacity doubled to 600 LSF in Q2FY26, temporarily lowering utilization. The ramp-up in Q3FY26 to 65% is on track but slower than anticipated due to tariff impact on PPF demand in the U.S. As