Castrol India's Q1CY26 performance was broadly in-line with our estimates. Revenue grew 9% YoY, driven by ~8% YoY volume growth, supported by double digit volume growth in rural portfolio, premium segment and industrial business. EBITDA increased by 7% YoY to Rs3.3bn. However, EBITDA margin contracted by 30bps YoY to 21.3%, impacted by higher employee costs (33% YoY, largely one-off) and higher other overheads (10% YoY), including forex loss. Margins remained relatively insulated in Q1CY26 due to 60-day inventory cushion. However, management highlighted headwinds from the forex volatility...