Clean Science and Technology (Clean) reported results which were above our expectations. Standalone revenue declined by 20% YoY which was majorly owing to lower offtake of established products, pricing pressure and loss of a Chinese customer for the 4-MAP product. Sharp decline in end product pricing amid high Chinese competitive intensity have impacted realisations in FY26. Market conditions have remained very challenging amid muted demand, pricing and tariff pressures. HALS exhibited healthy performance in FY26 with revenue growth of 83% YoY which mitigated the weakness in the standalone...