PCBL's Q1FY27 performance was above our expectations. Carbon black sales increased by 20% YoY, driven by 20% YoY increase in NSR owing to rise in Brent prices and effective monetization of spot book, while volumes remained flat YoY. Domestic volumes increased by 15% YoY, driven by higher local consumption due to rising tire exports, while export volumes declined by 15% YoY as volumes were deliberately redirected to domestic market amid elevated ocean freight costs. Consolidated EBITDA margin...