India · Delayed Price · Currency is INR Apcotex Industries Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY 2026 saw strong revenue and profit growth, with record sales and export volumes for the year. Margins improved due to higher volumes and operational efficiency, though risks from geopolitical volatility and raw material prices persist.
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Q3 saw strong EBITDA and PAT growth despite lower revenue, driven by higher volumes and improved margins. Expansion projects are on track, with high capacity utilization and robust cash generation supporting future growth.
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Q2 and H1 FY26 saw strong volume growth, margin expansion, and record exports, despite lower revenue due to raw material price declines. Major capacity expansion is underway, with phased commissioning by FY27 and a focus on export growth and operational efficiency.
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Q1 FY26 saw 12% revenue and 22% EBITDA growth year-over-year, driven by record export volumes and improved margins. Nitrile latex margins remain under pressure due to global overcapacity, while expansion and de-bottlenecking projects are planned to support future growth.
Fiscal Year 2025
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Q4 FY25 saw 12.5% revenue growth and 23% EBITDA growth year-over-year, with margins improving due to higher volumes and better capacity utilization. Export volumes rose 24% for the year, and management expects further margin recovery as industry utilization normalizes.
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Q3 FY25 delivered record revenue and strong volume growth, but margins remained under pressure due to excess capacity, competitive pricing, and raw material volatility. Margin recovery is expected in Q4 as raw material and freight costs stabilize, with export share set to rise.
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Revenue grew 26% year-over-year in Q2, but net profit declined 28% due to margin pressures from high freight, raw material costs, and overcapacity. Export sales surged, while specialty and construction latex segments remained stable, but paper and carpet faced significant headwinds.
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Q1 FY25 saw 21% revenue and 25% EBITDA growth year-over-year, with strong volume gains led by paper, construction, and tire cord segments. Margins remain under pressure in gloves and NBR, but gradual improvement is expected as capacity utilization rises and industry cycles normalize.