there is a big change in the latest report - building materials net margin tripled to 4.5% for the 1st time after so many qtrs; used to be ~1.5%. The last positive change observed was in the annual report 2025 whereby lower RPTs compared to previous years. If the positive change in the latest report is structural, building materials segment should continue to report higher net margin; resulting in higher profitability to the company. Logically, it should be structural given the design of the building materials segment - batching plants, customer contract and raw mat pricing, and operational efficiency. If it is one-off, the net margin will fall back to 1.5%. The real test will be the following 2 QRs - Q4FY26 and Q1FY27.

I am not sure about that, jimmy zai. the batching plants are typically built/stationed at/near to customer's construction site. It all depends on what kind of efficiencies that the mgmt put in place resulting in q3fy26. esceramic is the only laggard in terms of profitability for ready-mix concrete/building materials comparing to its peers last year. if the actions put in place are structural, q4fy2026 will be another positive qtr. Annualised performance is showing good progress.