The call has ended.

Key takeaways

Consolidated revenue ₹1,388 Cr (+51% YoY) on 15% volume; EBITDA ₹177 Cr (+38%) includes ~₹18 Cr net one-offs, normalized +24%.

Highlights
Revenue growth	Consolidated revenue +51% YoY; volume +15%, rest price pass-through.
Margins	Reported margin 12.8% vs 14.0%; mgmt says margin % misleading.
Demand visibility	US volume +35%; India can absorb 1.5–2 new BOPP lines yearly.
Management confidence	Balanced: confident on specialty and US, cautious on raw materials.

Growth

Revenue +51% largely from raw-material price pass-through; volume +15%. Normalized EBITDA +24%; margin 12.8% vs 14.0%.

Outlook

Net debt cut ₹300–500 Cr over two years; FY27 capex ₹100–110 Cr; US volume target above $100M next year.

Risks

West Asia-linked raw material volatility, port congestion, ₹7 Cr inventory loss, consumer losses for two years.

Last quarter's promises, checked

Delivered

Guided US vol +25–30% FY27 → +35% (= BEAT)
Guided specialty chem ~+50% FY27 → Q2 +80%+ (= BEAT)
Guided topline ~+20% FY27 → Q2 +51%, mostly price pass-through (= BEAT)

Partly delivered

Guided net debt ₹400–500 Cr cut over 2 yrs → ₹1,166→₹1,057 Cr in 1 qtr (= PARTIAL)
Guided Plastech FY27 rev ₹150–160 Cr → Q2 +90% YoY, FY pending (= PARTIAL)

Missed

Guided 3rd-party chem ~20% share, growing faster → 17% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 10 Nov 2026, 5:53 PM IST. Open it on ALFA Filings ›