Clean Science and Technology Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Clean Science and Technology Ltd filed with BSE on 20 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
Clean Science and Technology reported standalone Q4 FY26 revenue of Rs 193 crore, up 8% sequentially on higher customer offtake, with EBITDA and PAT margins of 46% and 40% respectively, while full-year FY26 standalone revenue declined 12% year-on-year to about Rs 796 crore due to loss of a key FMCG account and pricing pressure. Consolidated Q4 revenue rose 14% to about Rs 246 crore, driven by scale-up in the HALS business, which posted its highest-ever quarterly revenue with exports rising to around 50% of select products from a largely India-focused base earlier. Management also discussed the Clean Fino-Chem subsidiary's first positive EBITDA quarter of Rs 7 crore, ongoing capex on Performance Chemical 2 targeted for commercialization by September 2026, and a final dividend of Rs 4 per share.
Numbers mentioned
Standalone revenue: INR193 crores (Q4 FY26)
p. 3
“the revenues improved by 8% to INR193 crores, largely due to increase in customer offtake”
Siddharth Sikchi, page 3 of the filed PDF · View the filing
Standalone EBITDA margin: 46% (Q4 FY26)
p. 3
“The EBITDA and PAT margins are at 46% and 40%, respectively, translating into an EBITDA of INR88 crores and a PAT of INR 77 crores.”
Siddharth Sikchi, page 3 of the filed PDF · View the filing
Standalone revenue year-on-year change: declined 12% from INR 900 crores to INR 796 crores (FY26)
p. 4
“the revenue declined 12% from INR 900 crores to INR 796 crores i.e. roughly INR 800 crores”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
Consolidated revenue: roughly INR 246 crores (Q4 FY26)
p. 4
“the consolidated revenues increased by 14% to roughly INR 246 crores and the consolidated EBITDA and PAT margins are at 33% and 28%, respectively”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
Consolidated EBITDA margin: 37% (FY26)
p. 4
“The consolidated EBITDA and PAT margins are at 37% and 24%, respectively, which amounts to INR 355 crores and INR 230 crores, respectively.”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
Clean Fino-Chem EBITDA: INR 7 crores (Q4 FY26)
p. 4
“Company reported a positive EBITDA of INR 7 crores in Q4, marking its first quarter of positive EBITDA following an EBITDA breakeven performance in the preceding quarter.”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
Performance bonus as % of PBT: less than 1% (FY26)
p. 3
“the performance bonus for FY26 is reduced to less than 1% of PBT as against entitled 4% PBT for this financial year”
Siddharth Sikchi, page 3 of the filed PDF · View the filing
Capital infusion in subsidiary: approximately INR 200 crores (FY26)
p. 4
“the capital infusion in subsidiary was approximately INR 200 crores with total investments of subsidiary now standing at INR 750 crores”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
Final dividend: INR 4 per equity share (FY26)
p. 4
“the Board in today's meeting has declared a final dividend of INR 4 per equity share, amounting to 400% of face value of INR1 per share”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
HALS volume: over 1,000-plus tonnes (Q4 FY26)
p. 6
“I think, overall, we did about over 1,000-plus tonnes for the quarter.”
Siddharth Sikchi, page 6 of the filed PDF · View the filing
HALS exit utilization: around 40% (March 2026 (Q4 FY26))
p. 13
“March was almost around 40%, Arun. Stand-alone March quarter.”
Pratik Bora, page 13 of the filed PDF · View the filing
HALS blended realization: around INR 460 per kg (Q4 FY26)
p. 13
“Blended realization per kg is around INR 460.”
Pratik Bora, page 13 of the filed PDF · View the filing
Standalone RMC (raw material cost): 33% (Q4 FY26)
p. 11
“For this quarter, the RMC is 33%, which is better compared to the previous quarters by at least 2%.”
Pratik Bora, page 11 of the filed PDF · View the filing
Performance bonus reversal amount: roughly INR11-odd crores (FY26)
p. 16
“That is roughly amounting to about INR11-odd crores.”
Siddharth Sikchi, page 16 of the filed PDF · View the filing
Anisole global market size: 25,000-odd tonnes
p. 15
“Anisole global market could be in the range of 25,000-odd tonnes.”
Pratik Bora, page 15 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.
Performance Chemical 2 commercialization — commercialize plant · September 2026
stated firmly by Siddharth Sikchi
p. 4
“Our capex timeline of Performance Chemical 2 is as per plan, and we expect to commercialize by September '26.”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
Hydroquinone/Catechol plant optimization — optimal operations with improved productivity and efficiency · following 1 to 2 quarters
stated as an aspiration by Siddharth Sikchi
p. 4
“we expect the plant to achieve optimal operations with improved productivity and efficiency in the following 1 to 2 quarters”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
HALS blended realization — $7 to $7.5 per kg
stated as an aspiration by Siddharth Sikchi
p. 13
“Yes, absolutely. We are aspiring to do that.”
Siddharth Sikchi, page 13 of the filed PDF · View the filing
Clean Fino-Chem capex — max INR80 crores to INR100 crores · FY27
stated firmly by Pratik Bora
p. 16
“It could be in the range of max INR80 crores to INR100 crores.”
Pratik Bora, page 16 of the filed PDF · View the filing
Fino-Chem greenfield capex investment timing — later half of FY27
stated conditionally by Pratik Bora
p. 16
“No, it could be in the later half of FY27.”
Pratik Bora, page 16 of the filed PDF · View the filing
HALS utilization ramp-up
stated firmly by Siddharth Sikchi
p. 12
“And we want to ramp up. Every quarter-on-quarter, you will see the ramp-up happening.”
Siddharth Sikchi, page 12 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 rising Hydroquinone prices help MEHQ but China's capacity is less impacted by raw material costs; the company can pass on some costs but not where long-term contracts exist.
Answered by Siddharth Sikchi
Asked by Sanjesh Jain: How does the rise in HQ prices affect MEHQ competitiveness, and can the company fully pass on higher phenol costs?
p. 5
“We are able to pass some, but wherever there has been long-term contracts, in those cases, we have not been able to pass.”
Siddharth Sikchi, page 5 of the filed PDF · View the filing
Management attributed it to delayed customer validation cycles finally converting and a shift toward export markets, with exports now at 50% of select products versus 20% earlier.
Answered by Siddharth Sikchi
Asked by Sanjesh Jain: What drove the sharp increase in HALS revenue and how sustainable is it?
p. 6
“Today, we stand at 50% export in select products.”
Siddharth Sikchi, page 6 of the filed PDF · View the filing
Management said growth came from a combination of direct and distribution channels, with the company gaining recognition as a global HALS supplier.
Answered by Siddharth Sikchi
Asked by Ankur: Is Q4 a reasonable base for HALS revenue going forward, and is the growth from distribution or direct accounts?
p. 8
“But in totality, we are now known as a good supplier of HALS, both not just India, but also global player.”
Siddharth Sikchi, page 8 of the filed PDF · View the filing
Management confirmed utilization is currently very low, around 10-15%, with plans to ramp up gradually.
Answered by Siddharth Sikchi
Asked by Arun Prasath: What is the current utilization level at the Performance Chemical 1 (HQ/Catechol) plant?
p. 12
“Very low. It's quite low compared to what we -- yes, it is less than -- it is 10%, 15%-odd right now.”
Siddharth Sikchi, page 12 of the filed PDF · View the filing
Management said ramping up production is spreading fixed costs and a shift to higher value-added HALS grades is improving the mix and margins.
Answered by Siddharth Sikchi
Asked by Arun Prasath: What explains the margin expansion in the subsidiary from 1% to 3%?
p. 13
“Fixed cost will get distributed. And plus, the higher value-added products, see primarily, we were -- until last year, we were still selling the basic HALS product.”
Siddharth Sikchi, page 13 of the filed PDF · View the filing
Management said it is an enabling Board resolution for projects in the pipeline, including a possible greenfield capex, still in early stages.
Answered by Pratik Bora
Asked by Abhijit: What is the plan for the INR200 crore capex announced for Clean Fino-Chem?
p. 15
“This INR200 crores, this is an enabling resolution which we have taken from the Board.”
Pratik Bora, page 15 of the filed PDF · View the filing
Management said commodity base chemical prices roughly doubled but cautioned this isn't a fair transactional benchmark, while China continues to hold a cost advantage.
Answered by Pratik Bora
Asked by Priyank Chheda: Can the company quantify the price hikes seen in base chemicals following the recent disruption?
p. 16
“in base products, like at least in the commodity, we have seen the prices shoting up 2x in that range.”
Pratik Bora, page 16 of the filed PDF · View the filing
Risks flagged
Muted customer offtake, pricing pressure and tariff-related uncertainty affecting the business through the year
p. 3
“The challenging conditions that we had highlighted during the earlier part of the year continued for a large part of FY26 with muted customer offtake, pricing pressure in selected products and selected geographies and, of course, tariff-related uncertainty.”
Siddharth Sikchi, page 3 of the filed PDF · View the filing
Loss of a key FMCG customer account impacting 4-MAP product revenue
p. 4
“This is attributed to loss of key account or a particular customer in an FMCG, which is 4-MAP product, lower offtake and pricing pressure in our key products.”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
Delayed Performance Chemical 2 plant commercialization due to scarce manpower resources amid rising gas prices
p. 4
“The change in plant commercialization timeline is attributed to scarce manpower resources as labor movement is observed due to increase in gas prices.”
Siddharth Sikchi, page 4 of the filed PDF · View the filing
Sharp increases in acetone and ammonia prices affecting HALS cost competitiveness
p. 7
“Absolute sharp increase. And same is the case with ammonia because light stabilizers are amine tbased, and so is the case with ammonia.”
Siddharth Sikchi, page 7 of the filed PDF · View the filing
Price arbitrage between Chinese and Indian producers due to differing crude oil access
p. 7
“This is the major hitch which spoils the party.”
Siddharth Sikchi, page 7 of the filed PDF · View the filing
High macro uncertainty from geopolitical events makes FY27 outlook difficult to predict
p. 7
“We are so dependent on macro that it is very difficult to really tell you how do we see this financial year.”
Siddharth Sikchi, page 7 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.