PCBL's Q3FY26 profitability was below our expectations. Carbon black sales declined 11% YoY, primarily due to a 9% YoY drop in realizations and 2% YoY drop in volumes, driven by weak demand amid global uncertainty. Domestic volumes increased by 6% YoY, while export volumes declined by 13% YoY. The Consolidated EBITDA margin contracted 416bps YoY to 11.6%, reflecting margin compression in both the carbon black and Aquapharm segments, owing to negative operational leverage and a one-time provision for labour code amounting Rs210mn. EBITDA/t for carbon black segment fell 31% YoY to...