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**Financial Highlights:** Sahyadri Industries reported total income of ₹456.2 crore for 9MFY25, a decline of 5.7% YoY. Gross margin showed improvement, up 180 bps YoY to 43.7%, influenced by stabilized raw material costs. However, rising ocean freight impacted EBITDA margin, which stood at 9.7%. Capacity utilization decreased to 67% from 73% last year due to demand trends.
**Strategic Initiatives and Growth Drivers:** The company is expanding into new markets, with planned new units in Orissa and Maharashtra for both asbestos and non-asbestos products. This expansion aims to enhance presence in underrepresented regions while capitalizing on a recovering rural economy.
**Business Developments:** The initiation of a new unit for non-asbestos cement boards in Orissa is underway, reflecting Sahyadri’s commitment to diversification and market growth.
**Market Position and Competitive Advantage:** With over 3,000 dealers nationwide and an extensive product portfolio focused on innovative, sustainable solutions, Sahyadri aims to strengthen its market position against rising competition.
**Investor Implications:** The company's ongoing capacity expansions and focus on value-added products signal potential growth in a recovering environment. Investors should monitor industry trends related to housing demand and commodity costs that may impact profitability.