reported a soft performance in the September quarter (Q2) of FY26, as adverse weather conditions and rising input costs weighed on profitability. Revenue for Q2 FY26 stood at Rs 6,170 crore, showing a 1 per cent year-on-year (YoY) increase.

Profitability metrics weakened sharply. EBITDA declined 27.5 per cent YoY to Rs 550 crore, while the operating margin contracted 350 basis points (bps) to 8.9 per cent. Advertisement

Antique Stock Broking attributed the margin pressure to higher commodity prices and incremental spending on festive-season go-to-market activities. Profit after tax (PAT) for the quarter stood at Rs 390 crore, down 27 per cent YoY.

Gross margin slipped 240 bps to 29.4 per cent, reflecting the cost impact of rising raw material prices. Despite the weaker margin profile,

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