The call ran from 1:59 PM to 2:38 PM IST (39 min).

Key takeaways

Q2 FY27 consolidated revenue ₹1,323 Cr (+28% YoY), EBITDA ₹111 Cr, net loss ₹5 Cr. Commodity drag persists amid structural PVC oversupply.

Highlights
Revenue growth	Revenue ₹1,323 Cr, +28% YoY; SPVC-led, price and volume aided.
Margins	EBITDA margin 8% vs 4% YoY; commodity margins under pressure; spreads volatile.
Order book	CMCD order book 'fairly healthy'; near-full commitment for current-year sales.
Demand visibility	Healthy festive-period domestic PVC demand; CMCD order book visibility through FY27.
Management confidence	Balanced; optimistic on specialty, cautious on commodity margins.

Growth

Revenue +28% YoY, H1 +15%; SPVC volume gains partly inventory restocking amid rising prices.

Outlook

R32 capacity of 20 KT to be operational by end-FY27 with ₹250 Cr allocated capex. Aspirational PBT-positive spread of $200/t; Q2 spread was $199/t including NRV reversal.

Risks

VCM prices catching up, compressing SPVC spreads; China oversupply; H1 net loss ₹181 Cr; restructuring update pending.

Last quarter's promises, checked

Delivered

EBITDA-neutral at $120-130/t spread → Q2 EBITDA ₹111 Cr positive (= BEAT)

Partly delivered

PVC-VCM spread ~$160/t from Sept → $199/t incl. NRV reversal, underlying not disclosed (= PARTIAL)
₹120 Cr NRV provision reversal in Q2 → reversal referenced, amount not disclosed (= PARTIAL)

Missed

Strategic committee update 'once definitive' → restructuring update still pending (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 12 Nov 2026, 6:33 PM IST. Open it on ALFA Filings ›