The call ran from 3:30 PM to 3:57 PM IST (27 min).

Key takeaways

Q2 FY27 revenue rose 23.3% to ₹121.3 Cr, but EBITDA margin fell to 8.9% (from 13.8%) and PAT dropped to ₹7.6 Cr (from ₹11 Cr) on freight and Palghar ramp-up costs.

Guidance and delivery
Management target	Revenue 35.0%

Highlights
Revenue growth	Q2 +23.3% YoY; H1 +7.7%; exports up 40% YoY in Q2.
Margins	Q2 EBITDA margin 8.9% vs 13.8% YoY; contracting sharply.
Demand visibility	PVC pipe industry down sharply Apr–Sep; pipe sales picked up mid-September.
Management confidence	Over-optimistic: repeated 'absolutely' on FY28 margin recovery despite weak H1.

Growth

Q2 revenue +23.3%, H1 +7.7%. Exports +40% YoY, but freight doubled to ₹5 Cr on ₹24 Cr exports.

Outlook

Egypt FY27 revenue ₹25-30 Cr; 35% revenue CAGR over three years; EBITDA margin 13-15% maintained.

Risks

Freight unlikely to ease for 3-4 months; Palghar at 30-35% utilisation; Egypt delay cost ₹30-35 Cr sales.

Last quarter's promises, checked

Delivered

Palghar util. 30-35% expected Q2-Q3 → 30-35% Q2 (= BEAT, in-line)

Partly delivered

Oleo FY27 ₹65-70Cr → H1 ₹16.7Cr (= PARTIAL)
Egypt output by 31 Dec 2026 → 'partial start', delay flagged (= PARTIAL)
Pipe demand pickup from Aug → mid-Sep (= PARTIAL)

Missed

EBITDA margin 13-15% → 8.9% Q2 (= MISS)
Egypt FY27 rev ₹50-60Cr → ₹30-35Cr (Q1) → ₹25-30Cr (Q2) (= MISS)
FY27 rev growth 30-40% → H1 +7.7% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 10 Nov 2026, 10:33 AM IST. Open it on ALFA Filings ›