Hawkins reported record 1Q:F26 revenue of $293.3 million, up 14.6% year over year and well ahead of our $271.8 million estimate. Growth was driven by a 28% increase in the Water Treatment segment, reflecting a $29 million contribution from recent acquisitions as well as higher volumes and improved pricing across the legacy portfolio. Gross profit rose 12% year over year, supporting adjusted EPS of $1.43, up 3% from 1Q:F25 and above our $1.37 estimate. We believe Hawkins' continued focus on expanding its higher-margin, less cyclical businesses has been instrumental in delivering record performance in recent quarters. We raise our F2026 sales forecast to $1.10 billion (from $1.05 billion), reflecting better-than-expected 1Q:F26 results, a constructive management outlook, and continued momentum in higher-margin segments. In line with the stronger revenue view and improved mix, we increase our F2026 adjusted EPS estimate to $4.50 (from $4.35), giving credit to the growing share of Water Treatment and its structurally higher margins. We also revise our F2027 estimates higher, with sales now projected at $1.16 billion (from $1.11 billion) and adjusted EPS at $5.10 (from $4.65), based on our view that F2026 strength will extend into the following year. We increase our price target to $184 (from $154), based on an increased 36x our F2027 EPS estimate of $5.10 (previously based on 33x our 2027 EPS estimate of $4.65). We justify our higher multiple compared to the company's five-year average (12x-30x) based on HWKN's strategy to continue investing in its higher-margin Water Treatment segment as it now represents 51% of total company sales. Our moderate risk rating reflects HWKN's critical products and services; historical and projected earnings expansion; solid balance sheet; and track record of dividends.