Acutaas Chemicals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Acutaas Chemicals Ltd filed with BSE on 06 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Acutaas Chemicals reported Q4 FY26 revenue of Rs 432.8 crore, up 40.3% year-on-year, with EBITDA margin at 42.4% and PAT of Rs 134.3 crore. For FY26, revenue reached Rs 1,339.4 crore with PAT of Rs 356.4 crore, both described by management as record highs. Management discussed progress on the battery chemicals, semiconductor and CDMO verticals, and outlined capital expenditure plans including the Jhagadia electrolyte project and the Indichem joint venture in South Korea.
Numbers mentioned
Revenue: INR432.8 crores (Q4 FY26)
p. 6
“Revenue from operations for the quarter reached INR432.8 crores, representing 40.3% growth Y-o-Y.”
Bhavin Shah, page 6 of the filed PDF · View the filing
Gross profit: INR268.3 crores (Q4 FY26)
p. 6
“Gross profit for the quarter was INR268.3 crores, reflecting 83.8% increase compared to the same period last year.”
Bhavin Shah, page 6 of the filed PDF · View the filing
Gross margin: 62% (Q4 FY26)
p. 6
“The gross margin expanded by 1,467 basis points Y-o-Y to 62%.”
Bhavin Shah, page 6 of the filed PDF · View the filing
EBITDA: INR183.5 crores (Q4 FY26)
p. 6
“EBITDA for the quarter was INR183.5 crores, which represents more than twofold increase compared to the EBITDA of same period last year.”
Bhavin Shah, page 6 of the filed PDF · View the filing
EBITDA margin: 42.4% (Q4 FY26)
p. 6
“EBITDA margins were 42.4%, up 1,487 basis points Y-o-Y.”
Bhavin Shah, page 6 of the filed PDF · View the filing
PAT: INR134.3 crores (Q4 FY26)
p. 6
“PAT for the quarter was INR134.3 crores, up 114.1% Y-o-Y.”
Bhavin Shah, page 6 of the filed PDF · View the filing
PAT margin: 31% (Q4 FY26)
p. 6
“PAT margins for the quarter were 31%, which show an expansion of 1,070 basis points Y-o-Y.”
Bhavin Shah, page 6 of the filed PDF · View the filing
Revenue: INR1,339.4 crores (FY26)
p. 6
“Revenue from operations for FY '26 reached INR1,339.4 crores, representing 33% increase Y-o-Y.”
Bhavin Shah, page 6 of the filed PDF · View the filing
EBITDA: INR480.4 crores (FY26)
p. 6
“EBITDA for the FY '26 was INR480.4 crores, which is 2x compared to the same period last year.”
Bhavin Shah, page 6 of the filed PDF · View the filing
PAT: INR356.4 crores (FY26)
p. 6
“PAT for FY '26 is at INR356.4 crores, which more than doubled compared to the same period last year.”
Bhavin Shah, page 6 of the filed PDF · View the filing
Net cash and cash equivalents: INR198.3 crores (as on 31st March 2026)
p. 6
“Net cash and cash equivalents were at INR198.3 crores as on 31st March 2026.”
Bhavin Shah, page 6 of the filed PDF · View the filing
Working capital days: 120 days (FY26)
p. 6
“Our working capital for the year increased to 120 days from 114 days.”
Bhavin Shah, page 6 of the filed PDF · View the filing
Advanced Pharmaceutical Intermediates segment revenue: INR392.4 crores (Q4 FY26)
p. 5
“revenue of INR392.4 crores in Q4 FY '26 reflecting a strong year-on-year growth of 43.9%.”
Abhishek Patel, page 5 of the filed PDF · View the filing
Specialty Chemicals segment revenue: INR40.3 crores (Q4 FY26)
p. 5
“Revenue for this segment stood at INR40.3 crores during the quarter, registering a steady year-on-year growth of 12.3%.”
Abhishek Patel, page 5 of the filed PDF · View the filing
Capex: INR195 crores (FY26)
p. 5
“Capex for FY '26 stood at INR195 crores primarily directed towards the Jhagadia site for battery chemical project and then pilot plant at Sachin site and maintenance capex.”
Abhishek Patel, page 5 of the filed PDF · View the filing
Investment in Indichem JV: INR190 crores (FY26)
p. 5
“We have invested INR190 crores in this JV during the year FY '26.”
Abhishek Patel, page 5 of the filed PDF · View the filing
Pharma segment EBITDA margin: 44% (Q4 FY26)
p. 11
“So for our Pharma business for this quarter, EBITDA margin is around 44% and for specialty, it is around 13%. Sorry, for pharma, it is 44% and specialty it is 29%.”
Bhavin Shah, page 11 of the filed PDF · View the filing
Sachin plant capacity utilization: 75% (Q4 FY26)
p. 13
“For this quarter under review, Q4, utilization at Sachin plant is 75% Unit 2 Ankleshwar is 31% and Unit 3 Jagadia is 50%.”
Abhishek Patel, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 25% · FY27
stated firmly by Naresh Patel
p. 4
“I'm confident of delivering 25% revenue growth in FY '27.”
Naresh Patel, page 4 of the filed PDF · View the filing
EBITDA margin — similar level to FY26 · FY27
stated conditionally by Abhishek Patel
p. 6
“We are confident in our ability to maintain EBITDA margin at a similar level in the coming year.”
Abhishek Patel, page 6 of the filed PDF · View the filing
Electrolyte additive capex phase 2 — Q1 FY27
stated firmly by Abhishek Patel
p. 5
“The second phase of capex is currently ongoing and expected to get completed by Q1 FY '27.”
Abhishek Patel, page 5 of the filed PDF · View the filing
Pilot plant capex — Q2 FY27
stated firmly by Abhishek Patel
p. 5
“It is now expected to get completed by Q2 FY '27.”
Abhishek Patel, page 5 of the filed PDF · View the filing
Battery chemicals and semiconductor verticals maturity — independent self-sustaining growth engines · FY28
stated as an aspiration by Naresh Patel
p. 4
“Overall, I believe that by FY '28, our both business verticals, which are in investment phase now, battery chemicals and semiconductors will evolved into independent self-sustaining growth engines.”
Naresh Patel, page 4 of the filed PDF · View the filing
CDMO revenue — INR1,000 crores · FY28
stated firmly by Abhishek Patel
p. 16
“Yes, that is the guidance, correct.”
Abhishek Patel, page 16 of the filed PDF · View the filing
CDMO product revenue potential per product — INR50 crores to INR100 crores each · at peak level
stated as an aspiration by Abhishek Patel
p. 11
“And in terms of revenue potential, we are expecting those products to be between INR50 crores to INR100 crores each at a peak level.”
Abhishek Patel, page 11 of the filed PDF · View the filing
FY27 capex — spillover of INR50 crores plus INR40 crores maintenance capex · FY27
stated firmly by Abhishek Patel
p. 16
“I already mentioned that for next year, our capex will be the sum of the spillover of FY '26 capex, which is around INR50 crores and around INR40 crores will be maintenance capex.”
Abhishek Patel, page 16 of the filed PDF · View the filing
Indichem facility completion — second half of calendar year 2026
stated firmly by Abhishek Patel
p. 16
“So as I said, it will -- it should get completed in second half of calendar year '26.”
Abhishek Patel, page 16 of the filed PDF · View the filing
Revenue growth guidance revision — beyond 25%
stated conditionally by Abhishek Patel
p. 17
“And we would be happy to revise our guidance if that business potential goes beyond those 25% at a relevant stage of this financial year.”
Abhishek Patel, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it will be a meaningful contribution ramping through the year, without giving a specific number.
Answered by Abhishek Patel
Asked by Rikin Shah: Whether battery chemicals will contribute meaningfully to revenue in FY27.
p. 8
“Definitely, in FY '27, it will have a meaningful revenue contribution. It will start slowly with Q1 and till Q4, it will keep on ramping.”
Abhishek Patel, page 8 of the filed PDF · View the filing
Management explained the goodwill arose because Acutaas funded the full investment while the partner received 25% equity at par value.
Answered by Bhavin Shah
Asked by Garvit Goyal: Rationale for the goodwill recognized related to the Indichem JV.
p. 9
“So whatever we have paid INR190 crores, out of that 25% is going towards the goodwill in our books of account.”
Bhavin Shah, page 9 of the filed PDF · View the filing
Management indicated revenue potential of roughly 1x the capex amount.
Answered by Abhishek Patel
Asked by Garvit Goyal: Expected peak revenue from the Indichem capex of INR200 crores.
p. 10
“We are expecting around 1x kind of revenue from this plant.”
Abhishek Patel, page 10 of the filed PDF · View the filing
Management gave separate margin figures for pharma and specialty chemicals segments.
Answered by Bhavin Shah
Asked by Sanil Jain: EBITDA margin breakdown between Specialty Chemicals and Advanced Intermediates.
p. 11
“So for our Pharma business for this quarter, EBITDA margin is around 44% and for specialty, it is around 13%. Sorry, for pharma, it is 44% and specialty it is 29%.”
Bhavin Shah, page 11 of the filed PDF · View the filing
Management said margin should remain similar to FY26 given expected similar product mix.
Answered by Abhishek Patel
Asked by Sai Kumar: Expected consolidated EBITDA margin range for FY27.
p. 12
“So as I mentioned during my commentary also, we are expecting a similar kind of margin in FY '27 also.”
Abhishek Patel, page 12 of the filed PDF · View the filing
Management said the shift does not materially impact them given lithium's continued long runway and their small target share of demand.
Answered by Naresh Patel
Asked by Sai Kumar: Risk from BYD's shift from lithium to sodium-ion batteries.
p. 12
“So we are -- whatever we are targeting is even not 1% of the demand. So for us, it's not an impact.”
Naresh Patel, page 12 of the filed PDF · View the filing
Management attributed the jump to strong recovery in the BFC business, which carries higher margins.
Answered by Abhishek Patel
Asked by Jason Soans: Reason for higher-than-usual EBITDA margin in the Specialty Chemicals segment this quarter.
p. 13
“So for the quarter, we have seen a very good growth in the BFC business, which has a very high EBITDA margin, and which is recovering from Q4 onwards.”
Abhishek Patel, page 13 of the filed PDF · View the filing
Management clarified the 25% guidance reflects a blended contribution across all verticals.
Answered by Abhishek Patel
Asked by Raj Agrawal: Whether the 25% growth guidance includes an assumption of slowdown in CDMO.
p. 13
“So we are guiding 25% growth with mix of all the verticals and over the total top line what we have achieved in FY '26.”
Abhishek Patel, page 13 of the filed PDF · View the filing
Management said the guidance has historically been 25% CAGR and could be revised upward if business potential exceeds that.
Answered by Abhishek Patel
Asked by Ankit Mittal: Whether the 25% revenue growth guidance is conservative given Bayer's 50% growth outlook for the Fermion project.
p. 17
“So we have always guided the market about 25% growth CAGR, and that has been our history.”
Abhishek Patel, page 17 of the filed PDF · View the filing
Management attributed the seasonality to its broader customer base of over 600 customers and 100 products, not solely the Fermion contract.
Answered by Naresh Patel
Asked by Ankit Mittal: Why the company shows Q1 seasonality unlike partners such as Orion or Bayer.
p. 17
“We are not only dealing with Fermion. We have more than 600 customers.”
Naresh Patel, page 17 of the filed PDF · View the filing
Risks flagged
Disruption to feedstock supply chains and higher raw material prices due to the Gulf region conflict.
p. 3
“The chemical industry has once again navigating turbulent conditions driven by the ongoing conflict in the Gulf region, which has disrupted supply chain for key feedstocks and consequently pushed raw material prices higher.”
Naresh Patel, page 3 of the filed PDF · View the filing
Impact on shipping schedules and vessel availability.
p. 3
“Shipping schedules and vessel availability have also been affected.”
Naresh Patel, page 3 of the filed PDF · View the filing
Delay in pilot plant capex due to equipment arrival delays.
p. 5
“Pilot plant capex is slightly delayed due to delay in equipment arrival.”
Abhishek Patel, page 5 of the filed PDF · View the filing
Degrowth in the Commodity Chemicals subsegment during the quarter.
p. 5
“Our Commodity Chemicals subsegment recorded degrowth during the quarter, which was offset by strong recovery in BFC business.”
Abhishek Patel, page 5 of the filed PDF · View the filing
Near-term cost pressures from global supply chain disruption affecting margins.
p. 6
“On margins, while we remain mindful of the near-term cost pressures stemming from global supply chain disruption.”
Abhishek Patel, page 6 of the filed PDF · View the filing
Semiconductor business experienced a difficult phase in the prior financial year.
p. 11
“And related to semiconductor business, that business has been going through some difficult phase in last financial year, but now it has recovered from Q4 onwards, and it will continue to ramp up in future also.”
Abhishek Patel, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.