Gas Price Volatility Impact on Margins
Propane/LPG prices spiked 3x during Q1 crisis; while prices have moderated 40-50% from peak, management acknowledged inability to pass through 100% of cost increases, creating margin pressure risk.
JSL / Q1-FY27 / risks
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Material risks this quarter
high
Indonesia Nickel Policy and RAKI Volatility
Indonesian government's changing nickel benchmark rates could impact RAKI profitability; analyst asked about profitability guidance revision but management gave non-specific response citing nickel volatility.
Europe CBAM Keta Impact
Management explicitly stated Europe sales will be lower than historical levels due to CBAM kota (carbon quota) requirements, with ~40% of exports currently going to Europe/US combined facing headwinds.
Anti-Dumping Duty Timeline Uncertainty
While DGTR public hearing scheduled for September 9th and verifiers being appointed, management deflected on timeline saying final decision could take couple more quarters after hearings.