Anyone have a thesis on why the stock is falling so much?
A major factor is underutilization of the recently‑acquired Thailand ABS/SAN plant (acquired Jan 2025). Management reports Thailand volumes were only ~16–17 kt in Q1 (April–June), i.e. roughly 50–55% of capacity. This low utilization hurts profit: the Thailand plant has high fixed costs and operated at a loss under previous owners. Management cautions “the ramp‑up will take time,” projecting 1–2 years for Thailand volumes to normalize. In Q1, consolidated PBT fell 14% even as volume grew, reflecting the drag from Thailand integration. Analysts note that reconfirming customer contracts and building sales in new markets is an ongoing process. In short, the Thailand unit is not yet profit‑accretive and has weighed on margins. (For context, pre‑acquisition results were standalone India only; now consolidated Q1 PAT was ₹51.9 cr vs ₹56.2 cr in Q4 FY25
