volume print (down 14% YoY/ piping down 15% YoY) owing to sharp dip in PVC prices during April 2026. The same increases the ask rate for 9MFY27 (20-22% YoY/ pipes 25-28% YoY) considering management's FY27 guidance of 12-13% overall volume growth (15-17% YoY for piping). The implementation of the Minimum Import Price (MIP) and the removal of the import duty rebate from 16 June have helped stabilise PVC prices, normalise channel inventories, and drive channel restocking. However, due to high competitive intensity, softer demand and weak Q1FY27 volumes,...