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![satyam_sa16 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1135143795492679686.png) Satyam 🇮🇳 [@satyam_sa16](/creator/twitter/satyam_sa16) on x XXX followers
Created: 2025-07-24 07:23:47 UTC

4️⃣ Margins: Dilution Today, Expansion Tomorrow 💡

Short-term pressure:

Interstate transfers

Unfavorable state mix (Karnataka decline ~17%)

Premium scale yet to hit full bottle return efficiency.

Seasonality: Q1 margins usually 200bps higher than FY avg.


X engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948282952913445103/c:line.svg)

**Related Topics**
[avg](/topic/avg)

[Post Link](https://x.com/satyam_sa16/status/1948282952913445103)