Margin Trough, Then Growth Acceleration Hindware's Rs 170Cr Roorkee plant adds 18.4% capacity, driving FY2026-27 sales growth of +15-18%. Near-term pressure: FY2025-26 EBITDA margins compress 150-220 bps due to sub-optimal utilization and depreciation. However, FY2026-27 onwards, blended margins recover as the plant reaches 80% utilization, delivering +8-12% EBITDA growth. Geographic expansion into North/West India unlocks underpenetrated markets. Payback period: 5-6 years with 16-18% IRR. Consolidated group impact shows EBITDA margin troughing at 14.8-15.0% (FY2025-26), then normalizing to 15.5-16.0% by FY2027-28. Verdict: Margin-accretive medium-term despite near-term headwinds.

Margin Trough, Then Growth Acceleration Hindware's Rs 170Cr Roorkee plant adds 18.4% capacity, driving FY2026-27 sales growth of +15-18%. Near-term pressure: FY2025-26 EBITDA margins compress 150-220 bps due to sub-optimal utilization and depreciation. However, FY2026-27 onwards, blended margins recover as the plant reaches 80% utilization, delivering +8-12% EBITDA growth. Geographic expansion into North/West India unlocks underpenetrated markets. Payback period: 5-6 years with 16-18% IRR. Consolidated group impact shows EBITDA margin troughing at 14.8-15.0% (FY2025-26), then normalizing to 15.5-16.0% by FY2027-28. Verdict: Margin-accretive medium-term despite near-term headwinds.

Margin Trough, Then Growth Acceleration Hindware's Rs 170Cr Roorkee plant adds 18.4% capacity, driving FY2026-27 sales growth of +15-18%. Near-term pressure: FY2025-26 EBITDA margins compress 150-220 bps due to sub-optimal utilization and depreciation. However, FY2026-27 onwards, blended margins recover as the plant reaches 80% utilization, delivering +8-12% EBITDA growth. Geographic expansion into North/West India unlocks underpenetrated markets. Payback period: 5-6 years with 16-18% IRR. Consolidated group impact shows EBITDA margin troughing at 14.8-15.0% (FY2025-26), then normalizing to 15.5-16.0% by FY2027-28. Verdict: Margin-accretive medium-term despite near-term headwinds.

Margin Trough, Then Growth Acceleration Hindware's Rs 170Cr Roorkee plant adds 18.4% capacity, driving FY2026-27 sales growth of +15-18%. Near-term pressure: FY2025-26 EBITDA margins compress 150-220 bps due to sub-optimal utilization and depreciation. However, FY2026-27 onwards, blended margins recover as the plant reaches 80% utilization, delivering +8-12% EBITDA growth. Geographic expansion into North/West India unlocks underpenetrated markets. Payback period: 5-6 years with 16-18% IRR. Consolidated group impact shows EBITDA margin troughing at 14.8-15.0% (FY2025-26), then normalizing to 15.5-16.0% by FY2027-28. Verdict: Margin-accretive medium-term despite near-term headwinds.