Scale-based cost advantages in industrial packaging, but commoditised inputs constrain pricing power.

FY27 base-case growth 15% volume growth, revenue growth ~12-15%

Order book quality — Order book momentum remains strong across all segments, with CNG cylinders sustaining high demand despite capacity constraints. The PE pipe order book surged in Q2FY26 following a large Amaravati project order, indicating successful penetration in infrastructu