India · Delayed Price · Currency is INR Chemplast Sanmar Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw revenue growth but was marked by significant losses due to impairment and exceptional charges amid challenging market conditions, especially in Suspension PVC. Speciality segments showed resilience, and strategic reviews are underway to unlock value.
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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.