Key takeaway: Management reported a strong performance for Q4 FY '26, with consolidated revenues reaching an all-time high of INR196.7 crores, reflecting a 23.7% year-on-year growth. Stand-alone revenues increased by 11.6% to INR150.3 crores. Consolidated EBITDA was INR34.3 crores, with margins at 17.4%. The company highlighted challenges such as tariffs and supply chain issues but noted continued momentum from brand penetration and distribution. The flagship brand, Ashoka, and the mainstream brand, Truly Indian, showed significant growth, with Truly Indian winning awards for its products. The Surat greenfield facility commenced operations, with plans for scale-up. Management expressed cautious optimism about maintaining growth despite geopolitical challenges. For FY '27, management set a revenue goal of INR925 crores to INR1,000 crores, contingent on the stabilization of the geopolitical situation, with a potential growth rate of 12% to 15% if the Middle East market remains unserviceable.

Key takeaway: Management reported a strong performance for Q3 FY '26, with consolidated revenues reaching an all-time high of INR191 crores, reflecting a 29.5% year-on-year growth. Standalone revenues increased by 13.3% year-on-year to INR137.2 crores. The U.S. business showed substantial progress despite tariff challenges, aided by enhancements in the sales force and distributor changes. Consolidated EBITDA also reached a record of INR37.1 crores, with a margin of 19.4%. Management highlighted the successful pilot runs at the Surat greenfield facility, which is on track to become operational by Q4 FY '26. The flagship brand, Ashoka, and the mainstream brand, Truly Indian, continued to strengthen their market presence. Management expressed cautious optimism about maintaining the current growth trajectory, supported by ongoing investments in brand and market penetration.