💰 Strong 1Q 2026 performance: EPS increased to LKR 6.23 (+13% YoY) driven by PAT of LKR 1.5bn, while revenue grew 10% YoY to LKR 8.1bn with stable EBIT margins despite cost pressures. 🚗 BRS Outlook: Automotive demand remains supportive despite higher vehicle import surcharges, while infrastructure, logistics and industrial sector growth are expected to support medium-term lubricant demand. 📈 Valuation & Recommendation: LLUB – HOLD | TP: LKR 208.50 (+4.9%) ⚠️ Risks: Base oil price volatility, exchange rate fluctuations, climate-related impacts, government policy & tender uncertainties, geopolitical supply chain disruptions and export market variability.