The call ran from 2:59 PM to 4:17 PM IST (1 h 18 min).

Key takeaways

Consolidated Q2 profit turned positive (₹7.8 Cr vs ₹15.8 Cr loss), driven by film price pass-through. Specialty polymers revenue fell 49%. Working capital rose ₹66.7 Cr and borrowings rose to ₹748.8 Cr.

Highlights
Revenue growth	Consolidated income +25.7% YoY; film revenue +39.6%, mostly price-led.
Margins	Consolidated EBITDA margin 10%, up ~510 bps YoY; sequentially softer.
Demand visibility	Industry demand 8-10% growth; capacity additions trail demand next 8-10 quarters.
Management confidence	Balanced-to-optimistic; acknowledges specialty demand erosion, guides recovery.

Growth

Consolidated total income up 25.7% YoY to ₹449 Cr. Film revenue rose 39.6% against volume growth of 13.9%, so growth is price-led.

Outlook

Expects H2 FY27 similar to or slightly better than H1. Specialty recovery expected from Q4 FY27. Elite project capex ₹1,200–1,400 Cr.

Risks

Specialty polymer revenue down 49% after a customer technology switch. ₹66.7 Cr working-capital build and debt up to ₹748.8 Cr from ₹729 Cr.

Last quarter's promises, checked

Delivered

Guided no major capex beyond maintenance → H1 capex ₹15.1 Cr (= BEAT)

Partly delivered

Guided Q2 utilisation above Q1's 84% → film volume +13.9% YoY vs +2.7% in Q1; utilisation undisclosed (= PARTIAL)

Missed

Guided Specialty flat to single-digit FY27 growth → Q2 revenue down 49% YoY (= MISS)
Guided ₹100 Cr debt cut (₹720→₹620 Cr) → borrowings up to ₹748.8 Cr (= MISS)
Guided improving profitability ahead → EBITDA ₹45.1 Cr vs Q1 ₹58.9 Cr (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 5:28 PM IST. Open it on ALFA Filings ›