Surya Roshni's Q3FY26 performance was below expectations. Revenue grew 3% YoY to Rs19.2bn, driven by a 2% YoY increase in steel pipes revenue, while LCD segment grew by 6% YoY to Rs4.7bn. Consolidated EBITDA margin contracted 49bps YoY to 7.5%, owing to higher employee costs. EBITDA/t for steel pipes decreased by 7% YoY to Rs4,810/t, due to decline in high margin API and 3 LPE pipe segments, and an inventory loss of Rs500/t. Management has further lowered its FY26 volume guidance for the steel pipe segment to 0.93-0.94 mnT Vs 1.1mnT guidance at the start of the fiscal year. We cut FY26E/FY27E EBITDA...