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Ganesha Ecosphere faced a challenging Q1 FY26 for its legacy business due to high raw material costs (PET bottle scrap peaked at INR55-56/kg) and subdued demand, impacting profitability. rPET granule business volumes dropped 25% due to early monsoon and a high premium over virgin PET. However, rPET margins were maintained. The outlook is improving: scrap prices normalized (INR41-44/kg), demand is picking up, and export orders are strong. The company projects FY26 revenue of ~INR1,500 Cr, aiming to surpass FY25 numbers. Management is confident in long-term growth, with new capacity additions (90,000 tons by FY27, making 132,000 tons total) funded internally. The tone indicates cautious optimism given market dynamics.