Ddev Plastiks Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ddev Plastiks Industries Ltd filed with BSE on 28 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
Ddev Plastiks reported FY26 revenue growth of 13% and EBITDA growth of 12% with margins at 11%, alongside PAT of INR202 crores, up 9% year-on-year. Management attributed the performance to resilience amid the Israel-Iran conflict, which disrupted exports and raw material availability starting late February, while exports grew 30% for the year. The company also outlined its foray into battery energy storage systems (BESS) and gave FY27 guidance on volumes, revenue growth and margins for the core polymer compounding business.
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Numbers mentioned
Revenue growth: 13% (FY26)
p. 5
“Our financial year 2026 revenues grew by 13% year-on-year basis, driven by robust momentum in the cables and wire segment.”
Arihant Bothra, page 5 of the filed PDF · View the filing
EBITDA growth: 12% (FY26)
p. 5
“EBITDA grew by 12% year-on-year with margins at 11%, a commendable outcome achieved despite multiple industry headwinds and softer trade sentiment amid the ongoing geopolitical tensions in the Middle East.”
Arihant Bothra, page 5 of the filed PDF · View the filing
PAT: INR202 crores (FY26)
p. 5
“We closed the fiscal at a PAT of INR202 crores, registering a growth of 9% year-on-year basis, a reflection of our sustained operational discipline and earnings quality.”
Arihant Bothra, page 5 of the filed PDF · View the filing
Export growth: 30% (FY26)
p. 4
“Our revenue grew by 13%, exports rose by 30%, and our export volumes expanded 23% as well.”
Ddev Surana, page 4 of the filed PDF · View the filing
Overall volume growth: 6% (FY26)
p. 4
“Overall volume growth of 6% would have approached 10% under normal conditions.”
Ddev Surana, page 4 of the filed PDF · View the filing
Volumes: 2,01,370 metric tons per annum (FY26)
p. 6
“Operationally, our volumes for financial year 2026 stood at 2,01,370 metric tons per annum, translating a capacity utilization of 77%.”
Arihant Bothra, page 6 of the filed PDF · View the filing
Net worth: INR1,013 crores (FY26)
p. 6
“Our net worth increased to INR1,013 crores, reflecting a growth of INR179-odd crores over the previous year and underscoring our disciplined approach to cash flow management.”
Arihant Bothra, page 6 of the filed PDF · View the filing
Capital expenditure: close to INR100-odd crores (FY26)
p. 6
“During financial year 2026, we incurred a capital expenditure of close to INR100-odd crores.”
Arihant Bothra, page 6 of the filed PDF · View the filing
Total installed capacity: 2,68,400 metric tons per annum (FY26)
p. 4
“To sustain this momentum, we have strategically invested in both brownfield and greenfield expansions, elevating our total installed capacity to 2,68,400 metric tons per annum this fiscal year, adding another additional 30,000 metric tons per annum overall, another 48,000 metric tons dedicated to XLPE in operation from April 2026 onwards at a committed capex of INR80 crores.”
Ddev Surana, page 4 of the filed PDF · View the filing
Final dividend: INR1.25 per share (FY26)
p. 6
“We are pleased to propose a final dividend of INR1.25 per share for financial year 2026 as a final dividend, reaffirming our commitment to delivering consistent returns to our shareholders.”
Arihant Bothra, page 6 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.
Volume — 231,000 metric tons per annum · FY27
stated firmly by Ddev Surana
p. 5
“Looking ahead to financial year 2027, we are confident of sustaining our growth trajectory, targeting a volume of 231,000 metric tons per annum with a capacity utilization of 73% and a year-on-year revenue growth of 13% alongside top line expansion.”
Ddev Surana, page 5 of the filed PDF · View the filing
EBITDA margin — approximately 11% · FY27
stated firmly by Ddev Surana
p. 5
“We remain equally focused on margin quality with EBITDA margins anticipated at approximately 11%, reflecting our continued emphasis on operational efficiency and value-accretive business.”
Ddev Surana, page 5 of the filed PDF · View the filing
Capital expenditure — INR175-odd crores · FY27
stated firmly by Arihant Bothra
p. 6
“Looking ahead, we plan to invest further INR175-odd crores in financial year 2027, primarily towards expanding our XLPE compound capacity with investments earmarked for our diversification into BESS as well.”
Arihant Bothra, page 6 of the filed PDF · View the filing
Polymer compounding revenue — INR5,000 crores · FY2030
stated as an aspiration by Ddev Surana
p. 4
“Our strategic priorities at Ddev Plastiks remains firmly anchored to our guided vision of achieving business -- consolidated revenue of INR5,000 crores by financial year 2030 from polymer compounding business.”
Ddev Surana, page 4 of the filed PDF · View the filing
BESS installed capacity — 5 gigawatt
stated as an aspiration by Ddev Surana
p. 5
“We aim to develop 5 gigawatt of installed capacity in a phased manner with each gigawatt projected to generate approximately INR800 crores to INR900 crores in revenue.”
Ddev Surana, page 5 of the filed PDF · View the filing
BESS additional revenue — INR2,000 crores to INR2,500 crores · by FY2030
stated as an aspiration by Ddev Surana
p. 5
“This positions BESS as a meaningful and incremental contributor beyond our INR5,000 crores revenue aspiration from the polymer compounding business by FY 2030 with an anticipated top line -- additional top line of INR2,000 crores to INR2,500 crores alone from this vertical of BESS.”
Ddev Surana, page 5 of the filed PDF · View the filing
BESS revenue — INR200-odd crores · FY27
stated conditionally by Arihant Bothra
p. 7
“This is the first year for us. So, there will be some ramp-up time, which will be required to stabilize the production. And that is why as far as revenue guidance is concerned, though we consider it will be in the range of INR200-odd crores of revenue.”
Arihant Bothra, page 7 of the filed PDF · View the filing
BESS revenue and EBITDA — INR800 crores to INR900 crores revenue, INR80 crores to INR90 crores EBITDA · FY28
stated conditionally by Arihant Bothra
p. 12
“We are targeting 1 gigawatt hour of sales and close to INR800 crores to INR900 crores of revenue, expecting EBITDA margins of 10-plus.”
Arihant Bothra, page 12 of the filed PDF · View the filing
Polymer compounding volume growth — 15% over FY27 base · FY28
stated conditionally by Rajesh Kothari
p. 15
“So, we are expecting 15% growth -- volume growth over what we achieved in 2026, 2027.”
Rajesh Kothari, page 15 of the filed PDF · View the filing
XLPE cable compound voltage capability — 220 kV · 2030
stated firmly by Arihant Bothra
p. 19
“So, we have targeted 2030 for our 220 kV cable compounds, whereas 440 will take further time based on this.”
Arihant Bothra, page 19 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 they used the average FY26 realization as a conservative base since current escalations are expected to ease once the war situation normalizes.
Answered by Arihant Bothra
Asked by Archana Gude: Does the 13% revenue growth guidance imply NSR degrowth versus FY26?
p. 6
“So, we have considered on [inaudible 0:11:34] NSR, which we have achieved this year. Though for the current first quarter, the average NSR will be much higher as compared to what we have taken on a conservative basis.”
Arihant Bothra, page 6 of the filed PDF · View the filing
Management said April volumes improved as March consignments delayed by logistics issues were transited, with average export volumes rising month-on-month into May.
Answered by Arihant Bothra
Asked by Archana Gude: How did exports perform in Q4 and in the first two months of Q1 FY27?
p. 7
“the average volume in exports have gone up on a month-on-month basis in the month of April and to -- May as well.”
Arihant Bothra, page 7 of the filed PDF · View the filing
Management said this is the first year with a ramp-up period, and expects revenue of over INR200 crores to represent a good breakeven point with no loss anticipated.
Answered by Arihant Bothra
Asked by Bhargav Budhadev: Why isn't BESS revenue included in FY27 guidance, and at what level would it break even?
p. 8
“Close to the revenue we anticipated for this year, INR200-plus crores of revenue will be a good breakeven point.”
Arihant Bothra, page 8 of the filed PDF · View the filing
Management said Europe and the MENA region contributed strongly while Latin America and North America showed no growth.
Answered by Rajesh Kothari
Asked by Bhargav Budhadev: Which export geographies are showing incremental demand post the war?
p. 9
“rest of the world, say, MENA region mainly, Middle East and North Africa has contributed strongly to our numbers.”
Rajesh Kothari, page 9 of the filed PDF · View the filing
Management explained the new 48,000 ton Bhiwadi capacity was added ahead of demand and will take another year to be fully utilized.
Answered by Rajesh Kothari
Asked by Jainam Ghelani: Given capacity of 3.3 lakh tons but guidance of 2.3 lakh tons for FY27, is the guidance conservative?
p. 10
“we have gone ahead with the capacity addition of 48,000 tons, which should be fully utilized maybe the next financial year means 2027, 2028.”
Rajesh Kothari, page 10 of the filed PDF · View the filing
Management clarified total FY27 capex is INR175 crores including BESS, with about INR70-plus crores allocated to BESS and the rest for compounding capacity.
Answered by Arihant Bothra
Asked by Varun Singh: What is the total FY27 capex outlay including BESS?
p. 11
“Total outlay for this financial year is INR175 crores, including BESS. And out of the INR200 crores of BESS, there is a phased manner of implementation, which will be happening. So, this year, we are allocating close to INR70-plus-odd crores for BESS.”
Arihant Bothra, page 11 of the filed PDF · View the filing
Management said elevated and volatile raw material prices led them to take a conservative approach in projections.
Answered by Arihant Bothra
Asked by Nikunj Doshi: Why is FY27 polymer EBITDA margin guidance flat versus FY26 despite operating leverage expectations?
p. 13
“So, we don't want to have, you can say, aggressive estimates, which may be difficult to comment tomorrow. So, we have always presented a conservative approach every time we have projected our numbers, and that is the same way we have projected this time as well.”
Arihant Bothra, page 13 of the filed PDF · View the filing
Management said Ddev is the largest XLPE player with competition from Dow, Borealis, KLJ Polymers and Shakun Polymer, and cited proven performance as the main entry barrier.
Answered by Rajesh Kothari
Asked by Arya Shah: Who are the competitors in XLPE and HFFR, and are there entry barriers?
p. 14
“And as far as the entry barrier is concerned, it is -- I mean, it is a very critical and reliability related product. So, proven performance is the biggest entry barrier.”
Rajesh Kothari, page 14 of the filed PDF · View the filing
Management confirmed components will initially be imported from China and assembled, with backward integration planned over time.
Answered by Arihant Bothra
Asked by Arya Shah: Is BESS essentially an assembly operation initially?
p. 18
“Yes, initially for the initial period, we are going to import it from China. And over a period of time, we will be working on backward integration or just a suggestion of many components, which are easily available in the country.”
Arihant Bothra, page 18 of the filed PDF · View the filing
Management said EMS will be developed domestically going forward while BMS will initially be imported from China due to hardware availability constraints.
Answered by Rakesh Tiwari
Asked by Yashwant: Will the company develop its own IP for BMS and EMS in BESS?
p. 18
“in future, we are going to make our own BMS and own EMS, already started working on that.”
Rakesh Tiwari, page 18 of the filed PDF · View the filing
Management acknowledged the risk exists but said scale and skill act as mitigants that have sustained the business over many years.
Answered by Rajesh Kothari
Asked by Apoorva: Is there a risk of customers backward-integrating into compound manufacturing?
p. 17
“Yes. See, it is a risk which is attached to our business, and it will always remain. That customer can go for backward integration.”
Rajesh Kothari, page 17 of the filed PDF · View the filing
Risks flagged
Israel-Iran conflict disrupting exports, transit routes and raw material availability
p. 3
“Financial year 2026 presented challenging external environment shaped largely by the Israel-Iran conflict that escalated from 28th February, disrupting exports, transit routes, tightening raw material availability, and triggering steep input cost inflation.”
Ddev Surana, page 3 of the filed PDF · View the filing
Steep raw material price inflation requiring pass-through to selling prices, softening demand
p. 6
“The sharp spike in input prices necessitated a pass-through to selling prices, which temporarily softened market demand.”
Arihant Bothra, page 6 of the filed PDF · View the filing
Ongoing geopolitical uncertainty affecting raw material volatility
p. 6
“However, we continue to monitor the geopolitical landscape closely and remain agile in our response to any further developments.”
Arihant Bothra, page 6 of the filed PDF · View the filing
Customer backward integration into compound manufacturing
p. 17
“That customer can go for backward integration. But again, it is the effort versus return every customer has to look at and the scale at which they can beat our size and the scale, then only they can think of.”
Rajesh Kothari, page 17 of the filed PDF · View the filing
Import dependency on China for BESS components including BMS
p. 19
“BMS definitely will -- starting, we'll buy from Tier 1 supplier from China.”
Rakesh Tiwari, page 19 of the filed PDF · View the filing
Difficulty projecting export growth for second or third quarter due to geopolitical uncertainty
p. 16
“And projecting at this point of time with this kind of geopolitical uncertainty for the second or third quarter would be a little bit of a challenge.”
Rajesh Kothari, page 16 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.