increase in employee cost and B2B contribution. CRS aims to outperform the industry by 6-7%, with EBITDA margin of 15-16% by the end of FY26. The company continues to hold off its sanitaryware expansion plans until the demand environment improves. We estimate revenue/ EBITDA/PAT CAGR of 11.4%/12.2%/10.7% over FY25-27E. We downward revise FY26/FY27E earnings estimate by 1.9%/2.8% and reduce TP to Rs7,178 (Rs7,389 earlier), based on 30x FY27E earnings. Maintain Accumulate' rating....