While the company has raised prices four times so far in FY27 (around 1% in January, 2% in April, 2.5% in July, and another 1% to 2% increase, depending upon the segment, from 1 October), those increases haven’t been enough to cover the commodity price increases. In Q2, higher volumes, price hikes, and operating leverage prevented a larger hit to Ebitda margin, which fell 94 bps year-on-year to 11.4% and was flattish sequentially. To be sure, margin protection ahead could depend on cost savings and calibrated pricing.
