PCBL's Q4FY26 performance was below our expectations. Carbon black sales remained flat YoY, as a decline in NSR (-7% YoY) was offset by an increase in volumes (+8% YoY), amid geopolitical and logistical uncertainty. Domestic volumes increased by 21% YoY, driven by higher local consumption due to rising tire exports, while export volumes declined by 10% YoY due to increased logistics costs and tighter container availability. Consolidated EBITDA margin contracted by 249bps YoY to 11.8%, reflecting margin compression across segments, driven by a sharp rise in input costs, increased employee costs (+4%...