India · Delayed Price · Currency is INR Chemplast Sanmar Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw a 21% revenue drop and a net loss of INR 119 crores amid regulatory and market headwinds. Suspension PVC and value-added chemicals faced significant pressure, but demand and prices are rebounding, with capacity expansions and regulatory changes expected to support recovery.
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Q2 FY26 saw improved revenue and EBITDA, driven by higher PVC volumes, but profitability remains under pressure from low-priced imports and weak caustic soda prices. Ongoing capacity expansions and green initiatives are expected to support future growth, while high debt and regulatory uncertainties pose risks.
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Revenue declined 4% year-over-year to INR 1,100 crore with a net loss of INR 64 crore, impacted by global PVC dumping and lower caustic soda volumes. Strong demand outlook persists, with anti-dumping duties and capacity expansions expected to drive future growth.
Fiscal Year 2025
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Revenue and EBITDA saw strong year-over-year growth, led by specialty chemicals and custom manufacturing, while PVC segments remained under pressure from global dumping. Anti-dumping measures and new CapEx in R-32 refrigerants are expected to drive future growth and margin recovery.
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Revenue and EBITDA improved year-over-year, with losses narrowing due to better PVC and CMC performance. Margin pressures persist from dumping, but growth in Specialty Chemicals and CMC is strong, with anti-dumping duties expected to support future recovery.
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Revenue for H1 FY 2025 grew 8% year-over-year to INR 2,138 crores, with strong growth in Specialty and Value Added Chemicals, but margins were pressured by PVC price volatility and dumping. Anti-dumping duties and new capacity are expected to drive improved performance in H2.
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Q1 FY25 saw strong revenue and margin growth, led by specialty and value-added chemicals, and a robust recovery in the Custom Manufactured Chemicals segment. Expansion plans and anti-dumping measures are expected to drive further growth, despite ongoing import pressures and price volatility.