Scale and backward integration in barium/chrome chemicals create cost advantages, but commodity exposure limits moat width.

FY27 base-case growth 15-18%

Export/Domestic Sales Mix — The sales mix initially maintained a stronger domestic bias in Q4 FY25 and Q1 FY26 but shifted towards a balanced or slightly export-dominant ratio in Q2 and Q3 FY26, indicating adaptability to changing market dynamics and a growing focus on international mark