Glen Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Glen Industries Ltd filed with BSE on 01 Jun 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
Glen Industries reported FY26 total income of INR205.16 crores with EBITDA of INR38.50 crores and profit after tax of INR16.50 crores, while H2 FY26 alone contributed INR108.60 crores in income and INR18.69 crores in EBITDA. Management attributed the year-on-year margin decline to passing on lower PLA raw material prices to customers after retaining the benefit in the prior year, while food container margins remained intact in absolute terms despite raw material price swings from the Middle East conflict. The company discussed capacity expansion plans for food containers and paper cups, a revised capex cost due to currency fluctuation and scope increases, and delays in project timelines caused by regulatory approval slowdowns in West Bengal.
Numbers mentioned
Total income: INR205.16 crores (FY26)
p. 4
“Financial Year 2026 total income stood at INR205.16 crores, EBITDA for the year stood at INR38.50 crores, while profit after tax stood at INR16.50 crores.”
Lalit Agrawal, page 4 of the filed PDF · View the filing
EBITDA: INR38.50 crores (FY26)
p. 4
“Financial Year 2026 total income stood at INR205.16 crores, EBITDA for the year stood at INR38.50 crores, while profit after tax stood at INR16.50 crores.”
Lalit Agrawal, page 4 of the filed PDF · View the filing
Profit after tax: INR16.50 crores (FY26)
p. 4
“Financial Year 2026 total income stood at INR205.16 crores, EBITDA for the year stood at INR38.50 crores, while profit after tax stood at INR16.50 crores.”
Lalit Agrawal, page 4 of the filed PDF · View the filing
Total income: INR108.60 crores (H2 FY26)
p. 4
“Total income for second half of Financial Year 2026 stood at INR108.60 crores, EBITDA for the halfyear stood at INR18.69 crores, while the profit after tax stood at INR8.20 crores.”
Lalit Agrawal, page 4 of the filed PDF · View the filing
EBITDA: INR18.69 crores (H2 FY26)
p. 4
“Total income for second half of Financial Year 2026 stood at INR108.60 crores, EBITDA for the halfyear stood at INR18.69 crores, while the profit after tax stood at INR8.20 crores.”
Lalit Agrawal, page 4 of the filed PDF · View the filing
Profit after tax: INR8.20 crores (H2 FY26)
p. 4
“Total income for second half of Financial Year 2026 stood at INR108.60 crores, EBITDA for the halfyear stood at INR18.69 crores, while the profit after tax stood at INR8.20 crores.”
Lalit Agrawal, page 4 of the filed PDF · View the filing
Thin-wall food containers revenue contribution: 82.72% (FY26)
p. 3
“Our category-wise revenue contribution during the Financial Year 2026 was led by thin-wall food containers, contributing approximately 82.72%”
Lalit Agrawal, page 3 of the filed PDF · View the filing
PLA and paper straws revenue contribution: 17.16% (FY26)
p. 3
“followed by PLA and paper straws contributing 17.16%, while mold designing services contributed approximately 0.12% of the”
Lalit Agrawal, page 3 of the filed PDF · View the filing
Capacity utilization - thin-wall food containers: 77.74% (FY26)
p. 4
“Further, the company continued to witness healthy capacity utilization of approximately 77.74% for thin-wall food containers”
Lalit Agrawal, page 4 of the filed PDF · View the filing
Capacity utilization - PLA straws: 28.33% (FY26)
p. 4
“28.33% and 34.13% for PLA straws and paper straws respectively during the Financial Year 2026”
Lalit Agrawal, page 4 of the filed PDF · View the filing
Capacity utilization - paper straws: 34.13% (FY26)
p. 4
“28.33% and 34.13% for PLA straws and paper straws respectively during the Financial Year 2026”
Lalit Agrawal, page 4 of the filed PDF · View the filing
EBITDA margin: between 18% to 19% (FY26)
p. 5
“We always have been maintaining that our EBITDA margin will be within 18% to 19%.”
Lalit Agrawal, page 5 of the filed PDF · View the filing
Revised project capex: INR130 to INR135 crores
p. 9
“It was about INR100 crores and now we will be touching about INR130 crores to INR133 crores.”
Lalit Agrawal, page 9 of the filed PDF · View the filing
Polypropylene price: stabilized at INR135 per kg
p. 11
“And after the war, it has peaked even up to INR150 per kg and now has stabilized at INR135 per kg.”
Lalit Agrawal, page 11 of the filed PDF · View the filing
PLA price: around INR205 a kg
p. 11
“PLA price before the war was around INR195, INR197 a kg. Today it is around INR205 a kg.”
Lalit Agrawal, page 11 of the filed PDF · View the filing
Impact on turnover from price rise: about INR2.5 crores per month
p. 18
“About 25% Because PLA and paper there is no impact. Only impact is in the food container and there it is about INR2.5 crores per month.”
Lalit Agrawal, page 18 of the filed PDF · View the filing
Raw material import share: about 85%
p. 21
“Normally, in the usual scenario, we import about 85%. And only 15% we buy from Indian oil.”
Lalit Agrawal, page 21 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 — INR500 crores per annum · FY28
stated firmly by Lalit Agrawal
p. 12
“Yes, in fact, FY28 we are targeting for 500 plus turnover with the EBITDA of 90 plus.”
Lalit Agrawal, page 12 of the filed PDF · View the filing
EBITDA — INR90 crores · FY28
stated firmly by Lalit Agrawal
p. 12
“90, 90, 90 EBITDA of 90 plus.”
Lalit Agrawal, page 12 of the filed PDF · View the filing
EBITDA margin — 18% to 19% · 2 to 3 years
stated firmly by Lalit Agrawal
p. 14
“Our sustainable margin is between 18% to 19%.”
Lalit Agrawal, page 14 of the filed PDF · View the filing
New project commercial production — September
stated firmly by Lalit Agrawal
p. 6
“So, in the current scenario, we expect that the project will be starting commercial production from September.”
Lalit Agrawal, page 6 of the filed PDF · View the filing
Full project operational — by October, November, latest by December
stated firmly by Lalit Agrawal
p. 6
“No, we are planning to start all the full project, start commencing from September and by October, November, latest by December, we will be -- all project will be operational.”
Lalit Agrawal, page 6 of the filed PDF · View the filing
Revenue contribution from new capacity — INR100 crores to INR125 crores · FY27
stated conditionally by Lalit Agrawal
p. 17
“We are expecting between INR100 crores to INR125 crores which will be contributing in the financial year FY26 - ‘27.”
Lalit Agrawal, page 17 of the filed PDF · View the filing
Injection moulding machine capacity addition — INR15 crores annually
stated firmly by Lalit Agrawal
p. 10
“These eight machines can give a increment of about, I will tell you, about INR15 crores annually.”
Lalit Agrawal, page 10 of the filed PDF · View the filing
Middle East raw material supply normalization — one to two months
stated conditionally by Lalit Agrawal
p. 7
“And now Middle East suppliers are also slowly, gradually, they are resuming the supplies. So, I think in another one to two months, the Middle East supply will also be more or less normal.”
Lalit Agrawal, page 7 of the filed PDF · View the filing
Capex funding — internal resources
stated firmly by Lalit Agrawal
p. 9
“Funding we are going to do from the internal resources. We are not resorting to any additional funding from any source.”
Lalit Agrawal, page 9 of the filed PDF · View the filing
Existing capacity utilization — optimal utilization · FY27
stated as an aspiration by Lalit Agrawal
p. 19
“We are expecting that. We are targeting for that.”
Lalit Agrawal, 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 EBITDA margins had been elevated last year due to not passing on lower PLA prices, and this year they normalized as those benefits were passed on, with sustainable margins at 18-19%.
Answered by Lalit Agrawal
Asked by Maitri Shah: Why did gross and EBITDA margins dip in H2, and will they improve as raw material prices are passed on?
p. 5
“We always have been maintaining that our EBITDA margin will be within 18% to 19%.”
Lalit Agrawal, page 5 of the filed PDF · View the filing
Management explained the fluctuation was driven by the high-margin PLA product mix and clarified the actual historical margin was around 23%, not 26%.
Answered by Lalit Agrawal
Asked by Akash Jain: Why does EBITDA margin fluctuate so much between periods, and is last year's high H2 margin sustainable?
p. 8
“No, but the profit margins are very high in that PLA product. 25%, but the profit margins, EBITDA margins are 35%.”
Lalit Agrawal, page 8 of the filed PDF · View the filing
Management clarified the new capex is for food containers and HoReCa products, not the seasonal straw business, and no further capex is planned for straws.
Answered by Lalit Agrawal
Asked by Akash Jain: Given low utilization in straws, does the capex expansion make economic sense?
p. 8
“No, no, the project is not for the beverage industry. Our project, all the three product lines which we have planned in the project are for the food sector, HORECA sector, not for the beverage.”
Lalit Agrawal, page 8 of the filed PDF · View the filing
Management guided to over INR500 crores turnover with EBITDA above INR90 crores by FY28.
Answered by Lalit Agrawal
Asked by Pushkar: What is the FY28 revenue and EBITDA guidance?
p. 12
“Yes, in fact, FY28 we are targeting for 500 plus turnover with the EBITDA of 90 plus.”
Lalit Agrawal, page 12 of the filed PDF · View the filing
Management attributed the margin compression mainly to PLA raw material price movements, while stating absolute EBITDA in food containers stayed intact.
Answered by Lalit Agrawal
Asked by Vijay: What caused the decline in EBITDA and PAT despite revenue growth?
p. 14
“That has already been covered in my earlier discussion that the margin squeezed from 23% to 18%.”
Lalit Agrawal, page 14 of the filed PDF · View the filing
Management confirmed the guidance is based on stable pre-war prices, not the current escalated raw material prices.
Answered by Lalit Agrawal
Asked by Maitri Shah: Is the FY27/28 turnover guidance based on current elevated prices or pre-war prices?
p. 18
“We are not projecting on the basis of increased promising prices. We are projecting on the stable prices before the war.”
Lalit Agrawal, page 18 of the filed PDF · View the filing
Management said the decline was due to lower raw material prices for most of the year compared to FY25, not the war itself, with quantity roughly unchanged.
Answered by Lalit Agrawal
Asked by Vishal: Did export revenue decline due to the war?
p. 20
“No, no, no. The decline in the export is not due to war. It is mainly dependent on the raw material price.”
Lalit Agrawal, page 20 of the filed PDF · View the filing
Management said inventory in hand was built up to more than three months of raw material to avoid supply shortages during the conflict.
Answered by Lalit Agrawal
Asked by Vishal: What is the current raw material inventory position?
p. 20
“Today, my inventory in hand is more than 3 months.”
Lalit Agrawal, page 20 of the filed PDF · View the filing
Risks flagged
Regulatory and administrative delays due to elections and SIR in West Bengal delaying building plan approvals and construction
p. 5
“due to SIR and due to elections in West Bengal, all the government departments have been almost non-functional since you can say January, February.”
Lalit Agrawal, page 5 of the filed PDF · View the filing
Raw material supply disruption from the Middle East due to the war
p. 7
“Now, as soon as the Gulf War started, our suppliers from the Middle East were not able to supply the material and they were not able to ship the material.”
Lalit Agrawal, page 7 of the filed PDF · View the filing
Volatility in raw material prices affecting reported margins in percentage terms
p. 14
“So, when it moves from, let us say, INR90 to INR135, my margin will be still intact at INR20 crores, if other situations are the same.”
Lalit Agrawal, page 14 of the filed PDF · View the filing
Seasonality of straw products limiting capacity utilization
p. 8
“See, I don't think it can go beyond 35%. If I average out the total yearly demand, it will never exceed 35 %.”
Lalit Agrawal, page 8 of the filed PDF · View the filing
Currency fluctuation increasing imported machinery costs
p. 9
“One is the currency fluctuation, which has gone from 85, 86 to now 87 to now it is 96.”
Lalit Agrawal, page 9 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.