Hawkins is entering the second half of F2026 with strong operating momentum, led by continued outperformance in Water Treatment, which remains the company's primary growth engine and strategic focus following a series of targeted acquisitions this year. We estimate F2026 sales of $1.085B, up 11.3% year over year, driven by 18.9% growth in Water Treatment to $530.8M, reflecting both organic demand and a full-year contribution from recent acquisitions, including WaterSurplus. Food & Health Sciences sales are projected to increase 0.7% in F2026 to $324.8M, reflecting competitive pressures and tougher comparisons. Industrial Solutions sales are expected to grow 11.7% to $229.3M, driven by volume growth across manufactured, blended, and repackaged products. Gross profit is projected to increase to $255.4M in F2026, reflecting a 23.5% margin and a 40 basis points (bps) improvement from the prior year period, driven by mix improvement toward higher-margin Water Treatment offerings. Adjusted free cash flow is projected at $76.1M in F2026, or $3.65 per share, supporting ongoing balance sheet flexibility, disciplined capital allocation, and continued shareholder returns. In F2027, we project sales of $1.16B, up 6.9% year over year, with Water Treatment sales increasing 8.3% to $575.1M as the WaterSurplus acquisition becomes fully accretive and cross-selling opportunities expand. We maintain our $184 price target on HWKN shares based on an intact 36x multiple to our 2027 EPS estimate of $5.10. We justify this higher multiple relative to the company's five-year average of 20x based on Hawkins' strategy to continue investing in its higher-margin Water Treatment segment, which now represents approximately 54% of total company sales. Our moderate risk rating reflects Hawkins' critical products and services, historical and projected earnings expansion, solid balance sheet, and track record of dividends.