Consolidated EBITDA rose 86.6% YoY to ₹190 crore

MANINDS Material scale-up from acquisition: NPC added ~₹532 Cr to consolidated revenue in ~4 months, showing acquisition is immediately meaningful to top line. Profitability improvement: +310 bps EBITDA margin and record EBITDA indicate better mix, cost control or higher-margin contribution from NPC. Cash generation supports growth: Operating cash flow jumped to ₹472 Cr (from ₹73 Cr), improving funding capacity for capex and integration. Near-term timing risk: ~₹320 Cr of revenue deferred due to regional shipping disruption (Strait of Hormuz), which may compress near-term standalone revenue and create quarter-to-quarter volatility. Execution-linked growth: New Jammu stainless plant (Apr 2027) and Dammam coating/double-jointing (Mar 2027) expand capacity and could sustain revenue and margin improvement if commissioned on schedule.