📈 Defensive amidst external volatilities 💰 For 4Q FY26, CIC reported a recurring EPS of LKR 0.98 (previous LKR 0.82) stemming from PATMI of LKR 1.9bn (+20% YoY). Topline growth stemmed from industrial solutions segment whilst crop solutions, agri produce and livestock segments saw margin pressure.📘 BRS Outlook: We expect CIC’s diversified earnings and competitive market position to navigate external stress.📈 Valuation & Recommendation: CIC.N – BUY | TP: LKR 38 (+23.4%) CIC.X – BUY | TP: LKR 31 (+24.0%) ⚠️ Risks: Climate risk, regulatory changes, exchange rate volatility, global fertilizer price volatility.