commercial revenue (-24% YoY). As per our understanding, the company has not made any shipment Stock of its one key product (24% of CMS revenue ) in this calendar year. Reported EBITDA margin contracted by 369bps to 12.8% level (vs our estimate of 15.3%) impacted largely due to Increase in raw material prices and upfront costs for certain projects. However, management is confident of improving margin profile from the current level on the back of a strong order book in CMS business, better traction in GDS business, and cost optimization measures. NLL reported a PAT of INR 87mn...