Finolex Industries' (FIL) Q2FY27 result was above our estimates on key parameters. The company registered a 28% YoY volume expansion to 83,407 metric tons during the quarter, rebounding from destocking witnessed in the previous quarter. The sharp recovery was primarily supported by active inventory replenishment across the organized trade distribution channel. The management reiterated full-year EBITDA guidance of Rs14 to Rs15 per kg, translating to an expected annual EBITDA margin of 12.5% to 14.0%. Margin improvement in the...