External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Lucky Core Industries Limited / Equity Bottom-Up

<ul><li>LCI’s operating profit declined on a YoY basis primarily due to a sharp contraction in the polyester and soda ash businesses, where operating profit fell by 79% and 21%, respectively.</li><li>Management highlighted that soda ash imports have increased due to cheaper import prices (~US$190/ton) amid global oversupply, mainly from China, with imported market share rising to ~10% from 5–6% previously.</li><li>Notably, construction of the Greenfield Veterinary Medicine manufacturing unit is underway, with completion expected in 4QFY26. The capex incurred on this plant so far is approximately Rs800mn.</li></ul>

LCI’s operating profit declined on a YoY basis primarily due to a sharp contraction in the polyester and soda ash businesses, where operating profit fell by 79% and 21%, respectively.Management highlighted that soda ash imports have increased due to cheaper import prices (~US$190/ton) amid global oversupply, mainly from China, with imported market share rising to ~10% from 5–6% previously.Notably, construction of the Greenfield Veterinary Medicine manufacturing unit is underway, with completion expected in 4QFY26. The capex incurred on this plant so far is approximately Rs800mn.

Topline Flash Note: Lucky Core Industries (LCI): Corporate Briefing Key Takeaways