As a result of relaxation in pricing terms for industrials combined with incentives for goods carriers taken a few quarters back, MAHGL continued its stellar volume growth at 9.6% in Q1FY26. Adj EBITDA/scm stood at Rs9.7. As a result, Adjusted EBITDA stood at Rs3.7bn (Ple/BBGe Rs4bn, -11% YoY and +18% QoQ). Adjusted PAT stood at Rs2.4bn (Ple Rs2.8bn, BBGe Rs2.6bn, -9% YoY and +6.8% QoQ). We believe that the volume momentum is likely to sustain, especially due to strong pick up in GA3, momentum in CNG adoption by goods...