Mold-tek packaging's (MPL) Q3FY26 result was a tad below our estimates on key parameters. Q3FY26 was seasonally weak, with volumes up 6% YoY to 9,808 MT, however, operating margin expanded driven by operational efficiencies, higher pharma contribution, and controlled raw material pass-through. Paint segment volumes grew ~10% YoY, while Asian Paints volumes began recovering from January after resolution of recycled plastic (RCP) formulation and compliance-related supply issues. Food and FMCG packaging remained muted in Q3, growing ~1112% YoY due to winter seasonality. Q-Pack segment continued...