India · Delayed Price · Currency is INR NOCIL Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY 2027 saw 20% YoY revenue growth and 9% volume growth, with strong tire sector demand and improved margins. Guidance for FY 2027 is INR 1,400–1,600 crore revenue and 10% EBITDA margin, with new capacity and anti-dumping duties supporting future growth.
Fiscal Year 2026
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Q4 FY 2026 saw sequential revenue and volume growth, but full-year margins and profits declined due to pricing pressure and higher costs. CapEx projects were funded internally, with new capacity and product launches expected to drive double-digit volume growth. Anti-dumping duties and cost efficiencies are key focus areas.
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Domestic volumes grew strongly in Q3 FY26, offsetting export declines due to U.S. tariffs, with stable revenue and improved EBITDA margin. FY27 is guided for double-digit volume growth, supported by new capacity, product launches, and favorable trade agreements.
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Q2 FY26 saw a 4% sequential volume growth, but revenue and margins declined due to pricing pressure and lower exports. Operational efficiencies improved working capital, and anti-dumping investigations are underway. Dahej expansion is on track, with new products set for launch.
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Revenue and profit declined sequentially in Q1 FY 2026 amid domestic dumping pressure, but export growth and new product approvals provided some offset. Anti-dumping investigations cover 40% of revenue, and capacity expansion is underway with trial production expected in H1 FY 2026/2027.
Fiscal Year 2025
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Q4 FY25 saw sequential revenue and profit growth, but annual results declined due to pricing pressure from imports and legacy costs. Domestic growth was flat, while exports grew strongly; anti-dumping measures and capacity expansion are underway to support future growth.
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Revenue and volumes declined sequentially in Q3 FY25 due to lower demand and aggressive imports, but export growth and operational efficiency initiatives provide optimism for recovery. Management expects volume growth to resume, with CapEx and anti-dumping actions underway.
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Revenue for Q2 FY 2025 was INR 363 crores, with year-on-year volume growth but sequential decline due to logistics. Export volumes grew in double digits, and a tax credit boosted PAT to INR 42 crores. Management expects sequential volume growth and margin improvement in H2 FY 2025.
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Revenue and volumes grew 4% sequentially in Q1 FY25, with exports rising to 34% of mix. Margins declined due to higher costs, but capacity expansion and sustainability initiatives are progressing, with expectations for margin improvement as utilization ramps up.