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Chemplast Sanmar Results: Latest Quarterly Results & Analysis

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Chemplast Sanmar Ltd. 14 Nov 2025 12:08 PM
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Q2FY26 Quarterly Result Announced for Chemplast Sanmar Ltd.

Specialty Chemicals company Chemplast Sanmar announced Q2FY26 results

  • Revenue from Operations: Rs 1,033 crore against Rs 993 crore during Q2FY25, change 4%.
  • EBITDA: Rs 43 crore against Rs 26 crore during Q2FY25, change 68%.
  • EBITDA Margin: 4% for Q2FY26.
  • PAT: Rs -51 crore against Rs -31 crore during Q2FY25.

Ramkumar Shankar, Managing Director, said: “Our performance during the quarter showed a marked improvement, both on QoQ and YoY basis, largely thanks to better margins in the Suspension PVC business. During the current quarter, the Company achieved a revenue of Rs 1,033 crore and an EBITDA of Rs 43 crore.

On CMCD, our performance remained on track as planned, with despatches progressing as scheduled. We continue to make further headway into new product leads and customer engagements. Currently, we have commercialized 17 products, and the product pipeline remains healthy.

Looking ahead, while the business conditions continue to be very challenging, we believe that the new capacities that have been commissioned in Paste PVC and are being built in CMCD and Refrigerant Gas, as also our ongoing initiatives on green power, will help improve performance.”

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Speciality Chemicals company Chemplast Sanmar announced Q1FY26 results

  • Revenue from operations stood at Rs 1,100 crore, down 4% year-on-year
  • EBITDA came in at Rs 17 crore, declining 86% YoY
  • EBITDA margin contracted to 2% from 11% in Q1FY25
  • The company reported a net loss of Rs 64 crore, compared to a profit of Rs 24 crore in Q1FY25

Commenting on the results, Ramkumar Shankar, Managing Director, said, "Against a backdrop of global uncertainties, including sluggish demand across major economies, the company reported sales of Rs 1,100 crore in Q1FY ’26 with EBITDA of Rs. 17 crores. The industry faced continued pricing pressure during the quarter due to persistent dumping of Paste PVC and Suspension PVC. While the Anti-dumping Duties (‘ADD’) on Paste PVC are already in place for countries like China, Korea, Malaysia, Norway, Taiwan and Thailand, India witnessed a shift in dumping with significant inflow of material from EU and Japan. DGTR has since initiated an ADD investigation on these countries and the process is ongoing. We are confident that there will be action on this in the near future.

Regarding the ADD on Suspension PVC, the Hon’ble Supreme Court, in May, stayed the Gujarat High Court’s order dated 25 April 2025, which had excluded certain grades from the ambit of ADD. Consequently, the disclosure statement has been issued by the DGTR and the final findings are expected soon.

Despite the current softness, the medium to long-term outlook for both Paste PVC and Suspension PVC remains strong. On the Paste PVC side, the demand remained steady and encouraging signs are emerging from the automobile sector. With respect to Suspension PVC, pipe procurement activity is likely to pick up in the coming quarters, owing to a backlog of infrastructure projects.

On CMCD, the quarter’s deliveries were on track and our product pipeline is healthy. As a part of our strategy to enhance long-term growth, we are focused on broadening our customer base. There is positive momentum on this front, and we are well-positioned to seize the long-term opportunities in this space.

We believe that we are nearing the end of a long winter in PVC. While the last few quarters have indeed been very tough, we have used this period effectively to build capacity in our speciality businesses which would act as a springboard for future growth.”

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Specialty Chemicals company Chemplast Sanmar announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 1,151 crore in Q4FY25 vs. Rs 1,051 crore in Q4FY24 — up 10%
  • EBITDA: Rs 37 crore in Q4FY25 vs. Rs 21 crore in Q4FY24 — up 75%
  • EBITDA Margin: 3% in Q4FY25 vs. 2% in Q4FY24 — up 100 bps
  • PAT: (Rs 54 crore) loss in Q4FY25 vs. (Rs 31 crore) loss in Q4FY24

FY25 Financial Highlights:

  • Revenue from Operations: Rs 4,346 crore in FY25 vs. Rs 3,923 crore in FY24 — up 11%
  • EBITDA: Rs 219 crore in FY25 vs. Rs 26 crore in FY24 — up 747%
  • EBITDA Margin: 5% in FY25 vs. 1% in FY24 — up 400 bps
  • PAT: (Rs 110 crore) loss in FY25 vs. (Rs 158 crore) loss in FY24

Commenting on the results, Ramkumar Shankar, Managing Director, said, “During FY25, the company has improved its performance as compared to FY ‘24 with sales increasing by 11% from Rs. 3,923 crores in FY ‘24 to Rs 4,346 crores in FY ‘25, led by production ramp-up of new Specialty Chemicals capacities at Cuddalore & Berigai, Tamil Nadu. The EBITDA improved from Rs. 26 crores to Rs. 219 crores, largely driven by better pricing and margins in both Paste PVC and Suspension PVC (especially in the first quarter of FY ‘25), stronger performance in the CMC segment and higher output from the new Cuddalore Paste PVC facility. However, the company’s profitability continues to be impacted by dumping of both Suspension and Paste PVC into India.

While ADD has been imposed on Paste PVC imports from certain countries, continued dumping from the EU has created pressure on prices. This is being investigated and the outcome is expected in the next few months. The ADD on Suspension PVC remains pending due to ongoing legal proceedings. The company remains hopeful of a favorable resolution in both proceedings.

The company is also pleased to announce a greenfield capex of ~ Rs 340 crore for the production of R32 refrigerant gas. This project, along with the ongoing MPB expansion under the CMC business, reinforces its strategy to grow in the specialty chemicals space.

Looking ahead, the company remains optimistic about stronger demand and improved pricing coupled with higher volumes from inventory liquidation and consistent operation at higher rates of the newly expanded capacities, supported by policy measures and targeted investments in high-return, sustainable businesses.”

Result PDF

Specialty Chemicals company Chemplast Sanmar announced Q3FY25 results

  • Revenue from Operations for Q3FY25 stood at Rs 1,058 crore, a 19% YoY growth from Rs 888 crore in Q3FY24.
  • EBITDA improved to Rs 32 crore in Q3FY25, compared to Rs (7) crore in Q3FY24, with EBITDA margin at 3% versus -1% last year.
  • PAT loss narrowed to Rs (49) crore in Q3FY25 from Rs (89) crore in Q3FY24, with PAT margin improving to -5% from -10% YoY.

Ramkumar Shankar, Managing Director, said, “The total revenue for the first nine months stood at Rs 3,195 crore, a growth of 11% on YoY basis. This was largely on account of better prices and margins on the PVC businesses and improved performance of CMC Division (‘CMCD’).

The last couple of years have been challenging for the Company, due to dumping of product, especially of Suspension and Paste PVC, resulting in margin pressures. However, it is pertinent to note that the trend has been improving, with the current year showing a marked improvement over FY ‘24.

Dumping of Suspension PVC from China and Paste PVC from the European Union have resulted in pricing headwinds and the consequent impact on margins. However, domestic demand has been quite good with the apparent consumption of Suspension PVC registering a 11% growth on a year-on-year basis in the 9-month period April to December 2024, while Paste PVC registered a 13% growth over the same period.

On CMCD, the MPB 3 phase 1 commissioned last year has been ramping up well and we expect healthy business from the host of molecules which have been commercialized. Phase 2 of MPB 3 was commissioned in December ‘24. The pipeline of products under development is strong and is continuously growing with increase in new enquiries from customers.

The Value-added chemicals business witnessed mixed demand trends across end-user industries. Volumes for our value-added chemicals grew by 5% in the quarter and 24% over the first nine months of FY25, driven by steady demand across diverse sectors.

Suspension PVC industry has seen healthy demand growth thanks to increased traction from housing, construction, irrigation and drinking water segments. We remain positive on the demand side in the coming period. The extension of the Jal Jeevan Mission to 2028, announced in the recent Union Budget, augurs well for Suspension PVC demand.

Going ahead, we remain resilient and focused on expanding our capacities and capabilities, especially in the Specialty segment, to capitalise on improving market conditions.”

Result PDF

Specialty Chemicals company Chemplast Sanmar announced Q2FY25 results

Financial Highlights:

  • Revenue from Operations: Rs 993 crore compared to Rs 988 crore during Q2FY24, change 1%.
  • EBITDA: Rs 26 crore compared to Rs 46 crore during Q2FY24, change -44%.
  • EBITDA Margin 3% for Q2FY25.
  • PAT: Rs -31 crore compared to Rs 26 crore during Q2FY24.
  • PAT Margin -3% for Q2FY25.

Other Highlights:

  • PVC (both Suspension and Paste) witnessed price and margin pressures due to excessive dumping in Q2FY25.
    • Suspension PVC: On a promising development, earlier this week, provisional anti-dumping duty has been announced  when implemented, expected to address the issue of dumping.
    • Paste PVC: Dumping from EU & Japan has undermined the impact of anti-dumping duty on other countries - being represented.
    • Production of Paste PVC at the new Cuddalore facility is ongoing – expected to reach 100% by Q3FY25.
  • Custom Manufactured Chemicals Division (‘CMCD’):
    • CMCD registered a stable performance in Q2FY25.
    • We have signed a new letter of intent (‘LoI’) with a global agrochemical innovator to supply an advanced intermediate for a new active ingredient.
    • This is the 6th LoI we have signed in the last 2 years and it covers a period of 5 years.
  • Prices of Chloromethanes improved while Caustic Soda and Hydrogen Peroxide prices remained stable.
  • Projects Update:
    • Phase 2 of the new multi-purpose production block (‘MPB’) is expected to be commissioned in Q3FY25.
    • Project activities for phase 3 of the new MPB and the civil & infrastructure work for the next MPB have been initiated.

Ramkumar Shankar, Managing Director, Chemplast Sanmar, said: “The company reported a topline of Rs. 2,138 crore for H1 FY ‘25 despite multiple headwinds. After a healthy performance in Q1FY25, PVC prices resumed their volatile trajectory due to excessive dumping and witnessed a significant downturn during the September quarter. Amidst this tough environment, we were able to deliver a reasonable performance during this quarter, with a revenue of Rs. 993 crore. Dumping of Paste PVC from the EU and Japan has circumvented the impact of anti-dumping duty on other countries. This is being taken up with the concerned authorities.

Domestic demand for Suspension PVC softened due to the monsoon season, while China’s low-priced supply, driven by their weak local demand, continues to impact the market. In a positive development, earlier this week, provisional anti-dumping duties were announced on imports of Suspension PVC from China, the USA, Indonesia, Thailand, Taiwan, Korea, and Japan. We are hopeful that this will come into effect shortly and effectively address the serious issue of dumping of Suspension PVC into India.

Custom Manufactured Chemicals Division (‘CMCD’) registered a stable performance in Q2FY25. We have signed a new letter of intent (‘LoI’) with a global agrochemical innovator to supply an advanced intermediate for a new active ingredient. This is the 6 th LoI we have signed in the last 2 years and it covers a period of 5 years

The value-added chemicals# business registered a 6% revenue growth in Q2FY25, on a sequential basis with good recovery in prices of Chloromethanes while Caustic Soda and Hydrogen Peroxide prices remained stable.

The CMCD expansion projects are progressing well with phase 2 of the new multi-purpose production block expected to be commissioned by Q3FY25. We have initiated project activities for phase 3 of the new multi-purpose production block and the civil & infrastructure work for the next multi-purpose production block.

With recent capacity expansions and announced capex plans, we are confident in the long-term growth potential of our business. Our focus remains on enhancing operational efficiencies, elevating workforce skills, and fostering strong relationships to drive sustainable growth.”

Result PDF

Speciality Chemicals company Chemplast Sanmar announced Q1FY25 results:

  • Revenue from Operations: Rs 1,145 crore in Q1FY25, a 15% increase compared to Rs 996 crore in Q1FY24 and a 9% increase from Rs 1,051 crore in Q4FY24. 
  • EBITDA: Rs 124 crore in Q1FY25, a significant improvement from a negative EBITDA of Rs 35 crore in Q1FY24 and Rs 21 crore in Q4FY24.
  • EBITDA Margin: 11% in Q1FY25, reversing from -3% in Q1FY24 and up by 2 percentage points from the margin in Q4FY24.
  • Profit After Tax (PAT): Rs 24 crore in Q1FY25, recovering from a loss of Rs 64 crore in Q1FY24 and a loss of Rs 31 crore in Q4FY24.
  • PAT Margin: 2% in Q1FY25, compared to -6% in Q1FY24 and -3% in Q4FY24.

Commenting on the results, Ramkumar Shankar, Managing Director, said, “We are pleased to update that the company has reported the total revenues of Rs 1,145 crore with an EBITDA of Rs 124 crore, an 11% margin during Q1 FY ‘25. The first quarter of the financial year has started on a positive note registering a noteworthy profitability, showing a sign of improvement both on Y-o-Y and on sequential basis.

The revenue contribution from Speciality chemicals grew by 61% on Y-o-Y basis which is supported by higher volumes of Speciality Paste PVC from the newly commissioned facility at Cuddalore and the increased revenue from Custom manufactured Chemicals Division. Value-added chemicals‘ # revenue grew by 20% on Y-o-Y due to higher volumes of Caustic Soda. Suspension PVC revenue has been stable in Q1 FY ‘25 as compared to the corresponding period last year, while it has improved by 8% sequentially. We witnessed a positive swing in profits in the current year on account of improved prices of PVC and lower feedstock prices.

The improvement in PVC prices was largely due to a severe container shortage for cargo originating from China – however, these heightened freight rates have started dropping off post the end of the quarter. This, coupled with continued weakness in the Chinese economy and large volumes of low-priced imports coming in from China, has resulted in PVC prices dropping in July. The decision on the anti-dumping petition on Suspension PVC, filed by the domestic industry, is expected only by Q3 of the current financial year.

On the CMC business, an investment of about Rs 160 crores have been approved by the board of directors towards capacity expansion. This capacity expansion reiterates our commitment to grow the CMC business. Along with our recent commissioning of state-of-the-art R&D, pilot and production blocks, this new investment is a reflection of our strong product pipeline and the pace at which we commercialise new products.

Further, we have recently signed a new Letter of Intent (‘LoI’) with an agrochemical innovator for an advanced intermediate for a new active ingredient. This LoI is for a period of 5 years. Besides broadening the customer base, this LoI also gives us an opportunity to participate in a newly launched molecule. This is the 5 th LoI that we have signed over the past 20 months. This also echoes our customers’ confidence in Chemplast Sanmar’s wide range of chemical processes and R&D capabilities. I am thankful for the hard work and perseverance of our team of chemists and engineers.

Going forward, the demand environment across our speciality product portfolio continues to remain strong. From a Suspension PVC perspective, we see robust demand coming in from the infra-led irrigation projects.”

Result PDF

Speciality Chemicals company Chemplast Sanmar announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from Operations decreased by 8% to Rs 1,051 crore compared to Rs 1,147 crore in Q4FY23.
  • EBITDA declined significantly by 78% to Rs 21 crore compared to Rs 97 crore in Q4FY23.
  • EBITDA Margin decreased to 2.0% from 8.5% in Q4FY23.
  • Profit after Tax (PAT) recorded a loss of Rs 31 crore, marking a negative trend compared to a profit of Rs 46 crore in Q4FY23.
  • PAT Margin also turned negative to -3.0% from 4.0% in Q4FY23.

FY24 Financial Highlights:

  • Revenue from Operations for FY24 decreased by 21% to Rs 3,923 crore compared to Rs 4,941 crore in FY23.
  • EBITDA for FY24 plummeted by 94% to Rs 26 crore compared to Rs 468 crore in FY23.
  • EBITDA Margin declined to 0.7% from 9.5% in FY23.
  • Profit after Tax (PAT) for FY24 incurred a loss of Rs 158 crore, contrasting with a profit of Rs 152 crore in FY23.
  • PAT Margin remained negative at -4.0% compared to 3.1% in FY23.

Commenting on the results, Ramkumar Shankar, Managing Director, said, “From a financial performance perspective, FY24 has been one of the toughest years for the Company in recent times. The year was marked with challenges on all fronts including pricing and margin pressures due to excessive dumping of PVC resins by China and other countries, sharp correction in prices of Caustic Soda and Chloromethanes due to the over-supply situation in the country and slow-down in the agrochemicals sector resulting in deferment of supplies by the CMC division. Amidst these headwinds, we closed FY24 with a topline of Rs 3,923 crore and an EBITDA of Rs 26 crore.

There are, however, a number of positive factors which bode well for the future – these include the continuing strong demand outlook for PVC resins resulting from a boom in real estate and infrastructure sectors, issue of a Quality Control Order on PVC resin and the significant progress in the investigation for imposition of ADD on PVC imports. Collectively, these are likely to lead to a correction in PVC prices over the next 2-3 quarters. The Other Chemicals business is likely to stabilise over the next 3-4 quarters. CMC division is also expected to see the positive impact of the new products in the upcoming quarters.

During this difficult period, the Company has been resilient and focused on setting up capacities and capabilities which are likely to bear fruit once the overall scenario improves. We added 41kt of Paste PVC capacity during the quarter. This capacity is aimed at fulfilling domestic demand via import substitution and is expected to be ramped up by Q2FY25. This additional capacity further strengthens our leadership position in Paste PVC in India. Further, construction of Phase 2 of the CMC expansion project is underway, and we expect to complete this by the end of Q1FY25. With the recent signing of the 4th LoI, the CMC division continues to make significant strides in growing the business. The pipeline of the CMC division continues to be robust.

While the short-term challenges persist, we have laid the foundation to capitalise on the long-term prospects of each of our businesses and are confident of delivering a stronger performance in the future.”

Result PDF

Specialty Chemicals company Chemplast Sanmar announced Q3FY24 & 9MFY24 results:

Financial Highlights:
- Revenue from Operations (Q3FY24): Rs 888 crore, a decrease of 25% from Rs 1,189 crore in Q3FY23.
- EBITDA (Q3FY24): (Rs 7 crore), non-meaningful comparison (nm) with Rs 78 crore in Q3FY23.
- EBITDA Margin (Q3FY24): -1%, significant decline from 7% in Q3FY23.
- PAT (Profit After Tax) (Q3FY24): (Rs 89 crore), PAT Margin at -10%, a significant downturn from Rs 27 crore, 2% in Q3FY23.
- Revenue from Operations (9MFY24): Rs 2,872 crore, down by 24% from Rs 3,794 crore in 9MFY23.
- EBITDA (9MFY24): Rs 5 crore, declined by 99% from Rs 371 crore in 9MFY23.
- PAT (9MFY24): (Rs 127 crore), PAT Margin at -4%, decreased from Rs 106 crore, 3% in 9MFY23.

Key Business Highlights:
- Suspension PVC and Paste PVC prices decreased by 8% and 6% respectively on a quarter-over-quarter basis.
- Caustic Soda and Chloromethanes prices remained flat compared to the previous quarter.
- EDC (Ethylene Dichloride) prices saw an increase of 12.5% from Q2FY24 to Q3FY24.
- Power costs rose marginally by around Rs 4 crore from the previous quarter.
- Phase 1 expansion of the Custom Manufactured Chemicals division began commercial despatches.

Projects Update:
- Paste PVC expansion project is expected to be commissioned in Q4FY24.
- Phase 2 of the Custom Manufactured Chemicals expansion is projected to be completed in Q1FY25.

Ramkumar Shankar, Managing Director, stated: "After a relatively better Q2FY24, Q3FY24 performance ran into heavy weather due to further correction in PVC prices on account of dumping from China and other countries, slow down in the Other Chemicals business due to the over-supply situation in India, increase in key feedstock prices and adverse impact of the lag effect in correction of VCM prices.

However, the boom in the infrastructure and real estate sectors is driving the strong demand for PVC. We expect a gradual recovery in prices and margins over the next 2-3 quarters. The Other Chemicals business is also expected to witness improvement in prices in the next 3-4 quarters once the excess supply is absorbed by the market.

In our Custom Manufactured Chemicals Division's business, the pipeline is healthy. We commercialised 3 new products this year and a number of products are under various stages of development. Despite the challenges on account of the downturn in the global agrochemicals industry and the consequent inventory rationalisation, we expect this business to deliver reasonable growth during the year. While commercial production from Phase 1 of the expansion project has commenced, Phase 2 is expected to be completed in Q1FY25.

The 41 ktpa Paste PVC project is expected to start commercial production in Q4FY24. This will further cement our position as the leading Paste PVC producer in India. Despite the recent uncertainty in the industry, we are confident of the long term potential of all our businesses and are strengthening our capabilities and relationships to grow in a sustainable manner." 

 

Result PDF

Specialty Chemicals company Chemplast Sanmar announced Q2FY24 results:

Financial Performance:
- Revenue from Operations for Q2FY24 amounted to Rs 988 crore, a decrease of 17% YoY.
- EBITDA for Q2FY24 was Rs 46 crore, with an EBITDA margin of 5%.
- PAT for Q2FY24 was Rs 26 crore, with a PAT margin of 3%.

Pricing and Demand:
- Prices of both Suspension and Paste PVC were marginally higher in Q2FY24 on a QoQ basis. Prices were 2.5% to 5% higher sequentially.
- Caustic Soda and Chloromethanes prices witnessed further correction in Q2FY24 compared to Q1FY24.
- Imports of both Suspension and Paste PVC saw an increasing trend towards the end of Q2, resulting in some correction in prices in October.
- Demand for PVC products remains strong, especially in the infrastructure and real estate sectors.

Other Chemicals Business:
- The Other Chemicals business (Caustic Soda, Chloromethanes, Hydrogen Peroxide, Refrigerant gases) experienced pricing pressures due to weak demand and excess supply in the Indian market.
- Some signs of price recovery were observed towards the end of October.

Projects Update:
- CMC Phase 1 was commissioned by the end of September 2023 and is being ramped up.
- CMC Phase 2 is on track for completion by the end of FY24.
- The paste PVC project is on track for commissioning in Q3FY24.

Commenting on the results, Ramkumar Shankar, Managing Director, said, “Following a tepid Q1FY24, Q2FY24 witnessed a relatively better performance mainly due to improvement in prices of both Suspension and Paste PVC coupled with lower feedstock prices. The top line was flat while EBITDA was back in the black during the quarter. However, the imports of both Suspension and Paste PVC witnessed an increasing trend towards the end of Q2 with heavy arrivals from China. This trend has spilled over to Q3 as well, resulting in some correction in prices in October. We expect the PVC margins to be under pressure in Q3.

The demand outlook for our PVC products, however, remains strong with a boom in the infrastructure and real estate sectors. We expect the recovery in prices and margins to be gradual over the next 2-3 quarters.

The Other Chemicals (Caustic Soda, Chloromethanes, Hydrogen Peroxide, Refrigerant gases) business continued to witness pricing pressures during the quarter due to weak demand, excess supply situation in India due to recent capacity additions, and the global slowdown. There are some initial signs of recovery in prices towards the end of October.

The inquiries for our Custom Manufactured Chemicals Division’s business continue to remain robust. To effectively address the growing demand, we continue to enhance our capabilities. With the recent signing of the third LOI with a global agrochemical innovator for an Active Ingredient, we have strong visibility with respect to steady-state capacity utilization of the new production block and are on track to achieve Rs 1000 crore revenues in the next 3-4 years

While we face headwinds in the near term, the business prospects for our products continue to be strong in the medium to long term. With the projects on track for commissioning as per the slated timelines, we are confident of delivering a healthy performance in the future.”

Result PDF

Specialty chemicals company Chemplast Sanmar announced Q1FY24 results:

  • Revenue from operations of Rs 996 crore in Q1FY24 compared to Rs 1,411 crore in Q1FY23, down 29% YoY
  • EBITDA of Rs (35) crore in Q1FY24 compared to Rs 194 crore in Q1FY23
  • EBITDA margin % of -3% in Q1FY24 compared to 14% in Q1FY23
  • PAT of Rs (64) crore in Q1FY24 compared to Rs 41 crore in Q1FY23
  • PAT margin % of -6% in Q1FY24 compared to 3% in Q1FY23

Commenting on the results, Ramkumar Shankar, Managing Director, said, “With prices of both Suspension and Speciality Paste PVC being at the lowest level over the last 8-10 quarters, Q1FY24 has been one of the toughest quarters in recent times for Chemplast and the PVC industry as a whole. This is mainly due to the sluggishness in demand globally and the excessive dumping from China. However, the domestic demand for Suspension PVC and Speciality Paste PVC was strong through the quarter with an increase in volumes both on YoY and sequential basis.

The outlook for the PVC business is improving again, driven by the strong domestic demand, recovery in prices on account of a fall in import arrivals into the country, and reduction in feedstock prices. These factors, coupled with the softening energy costs, augur well for us and we expect better margins from Q2FY24 onwards.

The Other Chemicals (Caustic Soda, Chloromethanes, Hydrogen Peroxide, Ref. gases) business also witnessed significant pricing pressures due to a combination of factors including weak demand, excess supply situation in India due to recent capacity additions, and the global slowdown. These headwinds are likely to continue for a couple of quarters.

In this tough environment, our Custom Manufactured Chemicals Division continued to perform well and is on track to achieve over 25% revenue growth during the year as against the 10%- 15% guidance given earlier. I am very pleased to inform you that we have completed Phase 1 of the new multi-purpose block promptly with an investment of around Rs 300 crore. With 2 LOIs in place and a strong pipeline of other products, we expect this capacity to reach peak utilization in the next 2-3 years.

The 41 ktpa Speciality Paste PVC and Phase 2 of the Custom Manufacturing expansion projects are on track and slated to meet expected timelines. While there are immediate-term challenges, we are very confident of all our businesses’ prospects in the medium to long term.”

 

Result PDF

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