Capex Delay: FY27 Growth Halved, FY28 Recovery Intact Glen's new plant postponement (Q4 FY26→Q1/Q2 FY27) materially impacts near-term growth. FY26 remains unaffected (~Rs 200Cr), but FY27 revenue revised downward 30-40% to Rs 260-280Cr versus Rs 450-500Cr originally expected. EBITDA margins compress 50-150bps in FY27 H1 due to fixed-cost deleverage, recovering in H2 as the facility ramps. Full-year FY27 EBITDA grows modestly (~24-28% YoY, Rs 66-77Cr). However, FY28 outlook remains robust: Rs 400-500Cr revenue and 15% EBITDA margins post-stabilization. The delay doesn't derail long-term growth if regulatory approvals materialize on schedule—but FY27 guidance cuts are warranted. Monitor execution risk closely.

Capex Delay: FY27 Growth Halved, FY28 Recovery Intact Glen's new plant postponement (Q4 FY26→Q1/Q2 FY27) materially impacts near-term growth. FY26 remains unaffected (~Rs 200Cr), but FY27 revenue revised downward 30-40% to Rs 260-280Cr versus Rs 450-500Cr originally expected. EBITDA margins compress 50-150bps in FY27 H1 due to fixed-cost deleverage, recovering in H2 as the facility ramps. Full-year FY27 EBITDA grows modestly (~24-28% YoY, Rs 66-77Cr). However, FY28 outlook remains robust: Rs 400-500Cr revenue and 15% EBITDA margins post-stabilization. The delay doesn't derail long-term growth if regulatory approvals materialize on schedule—but FY27 guidance cuts are warranted. Monitor execution risk closely.

Capex Delay: FY27 Growth Halved, FY28 Recovery Intact Glen's new plant postponement (Q4 FY26→Q1/Q2 FY27) materially impacts near-term growth. FY26 remains unaffected (~Rs 200Cr), but FY27 revenue revised downward 30-40% to Rs 260-280Cr versus Rs 450-500Cr originally expected. EBITDA margins compress 50-150bps in FY27 H1 due to fixed-cost deleverage, recovering in H2 as the facility ramps. Full-year FY27 EBITDA grows modestly (~24-28% YoY, Rs 66-77Cr). However, FY28 outlook remains robust: Rs 400-500Cr revenue and 15% EBITDA margins post-stabilization. The delay doesn't derail long-term growth if regulatory approvals materialize on schedule—but FY27 guidance cuts are warranted. Monitor execution risk closely.

Capex Delay: FY27 Growth Halved, FY28 Recovery Intact Glen's new plant postponement (Q4 FY26→Q1/Q2 FY27) materially impacts near-term growth. FY26 remains unaffected (~Rs 200Cr), but FY27 revenue revised downward 30-40% to Rs 260-280Cr versus Rs 450-500Cr originally expected. EBITDA margins compress 50-150bps in FY27 H1 due to fixed-cost deleverage, recovering in H2 as the facility ramps. Full-year FY27 EBITDA grows modestly (~24-28% YoY, Rs 66-77Cr). However, FY28 outlook remains robust: Rs 400-500Cr revenue and 15% EBITDA margins post-stabilization. The delay doesn't derail long-term growth if regulatory approvals materialize on schedule—but FY27 guidance cuts are warranted. Monitor execution risk closely.