JM Financial Institutional Securities estimates Q3 gross margin at around 44%, up 135 basis points sequentially, with Ebitda margin rising to 16.5%. Operating profit growth Q3 for is projected in double digits, improving from mid-single-digit growth in H1FY26. In H1, Ebitda margin had fallen 360 bps year-on-year to 18.1%, primarily due to steep copra price inflation.
