Europe margin recovery may be delayed
Europe margins were impacted by short-term operational issues and adverse mix; recovery to mid-teens may take longer than expected.
EPL / Q3-FY26 / risks
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Material risks this quarter
medium
Commodity price volatility could pressure margins
If polymer prices rise sharply, despite pass-through mechanisms, there is risk of margin compression if negotiations lag.
Thailand ramp-up may be gradual
Thailand plant only commercialized in November; scale-up is organic without an anchor customer, so revenue contribution may be slow.
Customer concentration in oral care
Oral care segment is dominated by a few large customers; any slowdown or inventory correction could impact growth.