The call ran from 1:59 PM to 2:47 PM IST (48 min).

Key takeaways

Record Q2 revenue of ₹318 Cr (+17% YoY) and H1 EBITA margin up to 7.8%, but the Mahad plant drag, weak camphor volumes and undisclosed Unilever terms temper the story.

Highlights
Revenue growth	Record Q2 revenue ₹318 Cr, +17% YoY; H1 +16.3%.
Margins	H1 EBITA margin 7.8% vs 7.1%; Q2 7.94%, +158bps YoY.
Demand visibility	FMCG volumes improving; camphor demand weak, price-sensitive puja segment.
Management confidence	Cautiously optimistic; Unilever and Mahad timelines deflected without numbers.

Growth

Q2 revenue ₹318.2 Cr, +17% YoY and +22% QoQ; H1 ₹578 Cr, +16.3% YoY. H1 volumes +7% YoY, so price/mix carries part of the growth.

Outlook

No numeric guidance with a timeframe except 10-12% sales growth and a 10% EBITA margin target. Mahad to reach 80%+ utilisation in 2-3 quarters.

Risks

Mahad at about 50-55% utilisation drags profit; camphor volumes weak on price sensitivity; raw-material inflation and Asian capacity pricing pressure.

Last quarter's promises, checked

Delivered

Sales growth 10-15% over next 1 yr → H1 revenue +16.3% YoY, Q2 +17% (= BEAT)

Partly delivered

Sustain volume growth → H1 volume +7% YoY vs Q1 +22% (= PARTIAL)
Improve margins (Q1 EBITDA 7.62%) → Q2 EBITA 7.94%, different metric (= PARTIAL)

Missed

Mahad 75-80% utilisation, EBITDA-positive (no date given) → 50-55% utilisation vs 50-60% in July; Mahad H1 sales down (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 4:10 PM IST. Open it on ALFA Filings ›