Real fluorine process + customer-validation moat; FY24-FY25 ROCE dip blocks WIDE, but FY25-FY26 source stack is concretely above WEAK.

FY26 base-case growth 12-15%

Segmented Capacity Utilization — A consistent pattern of over-utilization in HPP necessitates the Wave-2 expansions, while Specialty utilization shows a 'campaign-driven' sawtooth pattern that is gradually stabilizing at higher baselines.