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Earnings in line with estimates

• 1QFY26 revenue stood at INR19b (est. INR21.1b), down 8% YoY.
• Domestic Agri business revenue was up 6% YoY at INR3.4b, while CSM exports were down 14% YoY at INR14.9b. Pharma revenue stood at INR723m vs. INR253 in 1QFY25.
• EBITDA stood at INR5.2b (est. in line), down 11% YoY.
• EBITDA margins contracted by 90bp YoY to 27.3% (est. 25%). Gross margins expanded 570bp YoY to 57.4%. Employee expenses rose 260bp YoY to 12.2%. Other expenses increased by 400bp YoY to 17.9% of sales.
• EBIT margins for Agrochemical business stood at 30.9% (down 30bp), while Pharma reported EBIT loss of INR760m. ? Adj. PAT was down 11% YoY at INR4b (est.in line).

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