Ddev Plastiks Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Ddev Plastiks Industries Ltd filed with BSE on 14 Aug 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
Ddev Plastiks reported Q1 FY27 revenue growth of 29% year-on-year, driven by strong export demand in the cables and wire segment, with EBITDA growing 27% and crossing INR100 crores for the first time, at a 10% margin. Profit after tax rose 22% year-on-year to about INR64 crores. Management attributed the export strength to elevated pricing amid Middle East geopolitical disruptions and freight uncertainty, while volume growth remained modest, and it commissioned a new 48,000 metric ton XLPE facility in Bhiwadi, Rajasthan during the quarter.
Numbers mentioned
Revenue growth: 29% year-on-year (Q1 FY27)
p. 5
“Revenue for the quarter grew by 29% year-on-year basis, driven primarily by robust traction in the cables and wire segment in the export market.”
Arihant Bothra, page 5 of the filed PDF · View the filing
EBITDA growth and margin: grew 27% YoY, margin at 10% (Q1 FY27)
p. 5
“EBITDA grew by 27% year-on-year with margins at 10%, representing a commendable performance in the context of multiple industry headwinds, softer trade sentiment and ongoing geopolitical tensions in the Middle East.”
Arihant Bothra, page 5 of the filed PDF · View the filing
EBITDA absolute level: crossed INR100 crores (Q1 FY27)
p. 5
“I would also like to add and highlight that this is the first time our EBITDA has crossed INR100 crores as a benchmark.”
Arihant Bothra, page 5 of the filed PDF · View the filing
Profit after tax: INR64-odd crores, up 22% YoY (Q1 FY27)
p. 5
“Profit after tax stood at INR64-odd crores, registering a year-on-year growth of 22%, reflecting the company's sustained operational discipline, earnings quality and ability to protect profitability across market cycles.”
Arihant Bothra, page 5 of the filed PDF · View the filing
Total installed capacity: 3,16,400 metric tons per annum (as of June 2026)
p. 4
“As of June 2026, our total installed capacity stands at 3,16,400 metric tons per annum.”
Ddev Surana, page 4 of the filed PDF · View the filing
Capacity utilization: 66-odd percent (Q1 FY27)
p. 6
“Operationally, our overall capacity stood at 3,16,400 metric tons during this quarter end with capacity utilization of average 66-odd percent.”
Arihant Bothra, page 6 of the filed PDF · View the filing
Bhiwadi facility capacity: 48,000 metric tons (commissioned April 2026)
p. 5
“During April 2026, we successfully commissioned our new facility in Bhiwadi with a capacity of 48,000 metric tons.”
Arihant Bothra, page 5 of the filed PDF · View the filing
Installed XLPE capacity: 2,14,500 metric tons per annum (post Bhiwadi addition)
p. 5
“With this addition, our installed XLPE capacity has increased to 2,14,500 metric tons per annum, further consolidating our leadership in the important product category.”
Arihant Bothra, page 5 of the filed PDF · View the filing
Export revenue: close to INR300-plus crores (Q1 FY27)
p. 7
“So, this quarter, we have reported close to INR300-plus crores of export revenue.”
Arihant Bothra, page 7 of the filed PDF · View the filing
Export CAGR: 16% (FY22-FY26)
p. 4
“our exports has still grown at a CAGR of 16% between FY22 and FY26, reflecting the growing acceptance of our products in the international markets as well”
Ddev Surana, page 4 of the filed PDF · View the filing
Sioplas market share: 50%
p. 4
“including a market share of 50% in the Sioplas market and a leading presence in the HFFR compound market in India”
Ddev Surana, page 4 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 target — INR5,000 crores · FY30
stated as an aspiration by Ddev Surana
p. 5
“we remain firmly on track to achieve our top line ambition of INR5,000 crores by FY '30”
Ddev Surana, page 5 of the filed PDF · View the filing
Volume growth — 15% · FY27
stated firmly by Rajesh Kumar Kothari
p. 11
“we are confident of achieving 15% volume growth this year despite the first quarter being low on the growth having just 1% growth”
Rajesh Kumar Kothari, page 11 of the filed PDF · View the filing
Full year tonnage — 2,31,000 tons · FY27
stated firmly by Arihant Bothra
p. 13
“So we targeted 2,31,000 tons for this entire fiscal year.”
Arihant Bothra, page 13 of the filed PDF · View the filing
Bhiwadi facility utilization — 50-plus percent · FY27
stated firmly by Arihant Bothra
p. 7
“So we expect an average utilization of 50-plus percent from that.”
Arihant Bothra, page 7 of the filed PDF · View the filing
Bhiwadi incremental revenue — close to INR500-odd crores
stated as an aspiration by Arihant Bothra
p. 6
“we expect that the new Bhiwadi facility will contribute incremental revenue of close to INR500-odd crores as utilization levels scale up progressively”
Arihant Bothra, page 6 of the filed PDF · View the filing
EBITDA margin target — 10% to 12%
stated firmly by Arihant Bothra
p. 7
“our targets of INR16 to INR17, or in percentage you can say 10% to 12% of EBITDA margin, is something which we always aim and we have focused approach to achieve that only”
Arihant Bothra, page 7 of the filed PDF · View the filing
BESS EBITDA margin — 6% to 8%
stated firmly by Arihant Bothra
p. 8
“we expect an EBITDA margin of 6% to 8%, which we have mentioned in our presentation as well”
Arihant Bothra, page 8 of the filed PDF · View the filing
BESS long-term EBITDA margin — 11% to 15-odd percent · long-term
stated as an aspiration by Arihant Bothra
p. 9
“long-term target is in the range of, I will say, 11% to 15-odd percent”
Arihant Bothra, page 9 of the filed PDF · View the filing
BESS phase 1 investment — within INR200-odd crores · first phase
stated firmly by Arihant Bothra
p. 9
“So as of now, we have expected that the overall requirement will be within INR200-odd crores in the first phase.”
Arihant Bothra, page 9 of the filed PDF · View the filing
HFFR capacity target — 20,000 tons · FY27
stated firmly by Arihant Bothra
p. 13
“we are increasing our capacities, and we target to increase it to 20,000 tons as we originally targeted for FY27”
Arihant Bothra, page 13 of the filed PDF · View the filing
Committed capex for the year — INR150 crores to INR175-odd crores · FY27
stated firmly by Arihant Bothra
p. 13
“Overall, we expect the year's committed investment will be in the range of INR150 crores to INR175-odd crores.”
Arihant Bothra, page 13 of the filed PDF · View the filing
Cash conversion cycle — 55 to 60 days
stated conditionally by Arihant Bothra
p. 14
“we expect it to be in the range of 55 to 60 days as we originally see on a regular basis”
Arihant Bothra, page 14 of the filed PDF · View the filing
Resin price normalization — 3 to 6 months
stated conditionally by Arihant Bothra
p. 10
“Now once the war and the Hormuz situation is clear, then we expect the prices to slowly gradually come down. It may not happen overnight, but it will take 3 to 6 months of time for price to gradually come down to the earlier levels.”
Arihant Bothra, page 10 of the filed PDF · View the filing
1 gigawatt hour BESS project timeline — mid-FY29 · mid-FY29
stated firmly by Arihant Bothra
p. 9
“You can consider mid-FY29.”
Arihant Bothra, page 9 of the filed PDF · View the filing
Annual guidance for the year — FY27
stated firmly by Arihant Bothra
p. 12
“As far as the overall conservative annual guidance is concerned, we continue to maintain that whatever guidance we have given, we will definitely surpass it given that first quarter has been, a proportionate basis, is much better than what we expected.”
Arihant Bothra, 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.
Around 1,000 tons of export shipments were carried over into Q1, though the value changed due to freight increases.
Answered by Arihant Bothra
Asked by Apurva: How much of Q1 revenue was actually shifted from Q4 due to export shipment delays in March?
p. 7
“So, if you ask in terms of numbers, technically, it may be around 1,000-odd tons, which has been moved, but the value has changed later on because of increase in freight and all.”
Arihant Bothra, page 7 of the filed PDF · View the filing
Management said it is difficult to predict, and the current level may not sustain every quarter but could hold for a few more months.
Answered by Arihant Bothra
Asked by Hardik Jain: Is the elevated EBITDA per ton sustainable going forward?
p. 7
“So maybe INR19.6 something which has been achieved in this quarter may not be sustainable for each and every quarter, but probably it can be sustainable for a few months from here also.”
Arihant Bothra, page 7 of the filed PDF · View the filing
Management said the business will start with a supply/EPC mix, with BOO and BOOT models not being pursued immediately.
Answered by Arihant Bothra
Asked by Bhagwat: What business model will the BESS venture follow - EPC or asset-owning (BOO)?
p. 8
“So I would like to update 2 things. One, this business is getting shifted from West to East. So it may get delayed by a couple of quarters from here. And specifically to your question, to start with, it will be supply and mix of EPC over a period of time.”
Arihant Bothra, page 8 of the filed PDF · View the filing
Management explained guidance assumes last year's average prices, not current elevated prices, and factors in slower ramp-up of new capacity.
Answered by Arihant Bothra
Asked by Drishti Shah: Why has FY27 revenue guidance of 13% growth been set conservatively against 25% capacity addition?
p. 10
“We are conservative in our approach. While making the estimates, we have considered the average prices which we have achieved in the last fiscal year. We haven't considered or factored the increased prices, which we are as of now experiencing.”
Arihant Bothra, page 10 of the filed PDF · View the filing
Management attributed the low Q1 growth to price-driven demand suppression and said the new Bhiwadi capacity would ramp up in the second half.
Answered by Arihant Bothra
Asked by Jainam Ghelani: How can management remain confident of 15% volume growth guidance given only 1% growth in Q1?
p. 11
“Yes, yes. Because the new capacity which we have added in this particular fiscal year has just got operational, and it is slowly and gradually ramping up.”
Arihant Bothra, page 11 of the filed PDF · View the filing
Management said the shift reflects an unaddressed opportunity in the East and does not represent lost market opportunity, only delayed installation timelines.
Answered by Arihant Bothra
Asked by Saket Kapoor: Why is the BESS project location shifting from West to East, and what does that mean for timelines?
p. 12
“So there is an opportunity. So there is no time lost as far as the warehouse identification is concerned. Now the time line which is getting extended is only because the installation time line will get delayed because of this.”
Arihant Bothra, page 12 of the filed PDF · View the filing
Management agreed the uncertainty benefits domestic players and that the Bhiwadi facility targets increased market share in medium voltage XLPE.
Answered by Arihant Bothra
Asked by Bhargav Buddhadev: Will the company gain market share given raw material volatility and its balance sheet strength?
p. 14
“So overall, yes, the objective is to increase the market share and objective is to increase the overall revenue, considering that whatever product profile we are in, the medium and high voltage, there we have to also keep on increasing the voltage category over a period of time as a capability.”
Arihant Bothra, page 14 of the filed PDF · View the filing
Management said there is no current antidumping investigation or BIS discussion for compounds, though BIS applies to some raw materials.
Answered by Arihant Bothra
Asked by Alok Wakeel: Is there any risk of antidumping duty or BIS standards being imposed on XLPE, HFFR, or PVC compounds?
p. 20
“As of now, there is no antidumping duty investigation in any of these products nor there any discussion as far as BIS is concerned on the compounds.”
Arihant Bothra, page 20 of the filed PDF · View the filing
Risks flagged
Volatility in raw material and freight prices due to geopolitical tensions and war-related disruptions
p. 10
“So it is very difficult to predict what will the price change in this particular week. So we have to take a calculated risk and top up some, I will say, volatility or war-risk premium to quote to our customers.”
Arihant Bothra, page 10 of the filed PDF · View the filing
Uncertainty over sustaining elevated export margins amid Hormuz and Middle East situation
p. 12
“See, currently, the uncertainty is still there, specifically with the Hormuz and the availability of material and the prices specifically. So it is very difficult to comment that how long this type of export business will continue month-on-month basis.”
Arihant Bothra, page 12 of the filed PDF · View the filing
Delay in BESS project timelines due to relocation from West to East
p. 8
“So it may get delayed by a couple of quarters from here.”
Arihant Bothra, page 8 of the filed PDF · View the filing
Rise in finance costs due to higher inventory and debtor levels from raw material price spikes
p. 14
“Prices, there was a sudden increase in raw material prices in the month of March. And because of that, if you see the March inventory was comparatively higher and the debtors are comparatively also higher.”
Arihant Bothra, page 14 of the filed PDF · View the filing
Elevated crude oil prices potentially raising project costs and slowing demand
p. 15
“So of course, if the crude remains at elevated level, then the project cost of everybody will go up and then people might decide to slow down, okay?”
Rajesh Kothari, page 15 of the filed PDF · View the filing
Short order visibility limiting forward commentary on pricing and margins
p. 17
“Today, if you see, our order books are generally spot, and it is not beyond 10 to 15 days or probably 20 days.”
Arihant Bothra, page 17 of the filed PDF · View the filing
Recent geopolitical developments regarding Iran creating renewed uncertainty
p. 17
“in case there is the announcement which came last night that Iran is now considering no discussion up to '29 when there is a change in the President.”
Arihant Bothra, page 17 of the filed PDF · View the filing
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