🏗️ Maintaining Long-Term Conviction Amid Rising Near-Term Risks 💰 FY26 Performance: Revenue grew 22% YoY to LKR 61.0bn, supported by a strong 28% increase in cement sales volumes, outperforming industry growth of 19%. However, profitability remained under pressure due to higher clinker, fuel, freight and financing costs, alongside rupee depreciation and competitive pricing pressures. 📘 BRS Outlook: We remain positive on TKYO’s long-term growth prospects, supported by post-Ditwah reconstruction, ongoing infrastructure developments and improving construction activity. Nevertheless, near-term earnings recovery may remain gradual amid rising input costs and macroeconomic uncertainties. 📈 Valuation & Recommendation: * TKYO.N - BUY | TP: LKR 104.00 (+18.5%) * TKYO.X - BUY | TP: LKR 83.00 (+23.7%) ⚠️ Risks: Rupee depreciation, higher raw material/freight costs, industry competition, slower construction recovery, project delays.