Kotyark Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Kotyark Industries Ltd filed with BSE on 24 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
Kotyark Industries reported FY26 revenue of Rs 314.9 crore, EBITDA of Rs 48 crore and PAT of Rs 19.4 crore while operating at around 7-8% capacity utilization. Management discussed the expansion of its Rajasthan biodiesel facility from 500 KLPD to 1500 KLPD and new facilities planned in Jhajjar and Kanpur. Management also addressed questions on OMC tender pricing, margins, ongoing legal cases, export plans, and industry dynamics around ethanol and isobutanol blending.
Numbers mentioned
Revenue: Rs 314.9 crore (FY26)
p. 3
“The company reported revenue of rupees 314.9 crore, EBITDA of rupees 48 crore and PAT of rupees 19.4 crore despite operating at relatively low capacity utilization level of around 7 to 8%.”
Gaurang Shah, page 3 of the filed PDF · View the filing
EBITDA: Rs 48 crore (FY26)
p. 3
“The company reported revenue of rupees 314.9 crore, EBITDA of rupees 48 crore and PAT of rupees 19.4 crore despite operating at relatively low capacity utilization level of around 7 to 8%.”
Gaurang Shah, page 3 of the filed PDF · View the filing
PAT: Rs 19.4 crore (FY26)
p. 3
“The company reported revenue of rupees 314.9 crore, EBITDA of rupees 48 crore and PAT of rupees 19.4 crore despite operating at relatively low capacity utilization level of around 7 to 8%.”
Gaurang Shah, page 3 of the filed PDF · View the filing
Capacity utilization: around 7 to 8% (FY26)
p. 3
“The company reported revenue of rupees 314.9 crore, EBITDA of rupees 48 crore and PAT of rupees 19.4 crore despite operating at relatively low capacity utilization level of around 7 to 8%.”
Gaurang Shah, page 3 of the filed PDF · View the filing
Biodiesel production capacity at Rajasthan facility: expanded from 500 KLPD to 1500 KLPD (FY26)
p. 3
“We proactively expanded our biodiesel production capacity at our Rajasthan facility from 500 KLPD to 1500 KLPD, taking our cumulative annual biodiesel production capacity to approximately 4,80,000 KL.”
Gaurang Shah, page 3 of the filed PDF · View the filing
Cumulative annual biodiesel production capacity: approximately 4,80,000 KL (FY26)
p. 3
“We proactively expanded our biodiesel production capacity at our Rajasthan facility from 500 KLPD to 1500 KLPD, taking our cumulative annual biodiesel production capacity to approximately 4,80,000 KL.”
Gaurang Shah, page 3 of the filed PDF · View the filing
Carbon credits generated: over 57,000
p. 3
“In addition, our sustainability initiative have enabled Kotyark to become the first Indian biodiesel company to receive Vera carbon certification and generate over 57,000 carbon credits, further strengthening our ESG credential.”
Gaurang Shah, page 3 of the filed PDF · View the filing
Executable order book: approximately 80 crore
p. 3
“From a growth standpoint, we currently have an executable order book of approximately 80 crore, comprising orders from OMCs and other customers with execution expected over the next three months.”
Gaurang Shah, page 3 of the filed PDF · View the filing
Pipeline of orders being pursued: nearly 215 crore
p. 3
“In addition, we have actively pursuing a pipeline of nearly 215 crore, providing strong revenue visibility going forward.”
Gaurang Shah, page 3 of the filed PDF · View the filing
Current margin: 8 to 10%
p. 5
“8 to 10% sir.”
Gaurang Shah, page 5 of the filed PDF · View the filing
Industrial biodiesel price: around Rs. 140 per litre
p. 11
“In this situation, industrial biodiesel is currently selling at around Rs. 140 per litre, as you are aware, and there was also considerable diesel scarcity at certain points.”
Shubham Mehtre, page 11 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.
Capacity utilization — 60 to 70% · next few years
stated as an aspiration by Gaurang Shah
p. 3
“Management remains confident of improving utilization level gradually over the next few years towards 60 to 70%, supported by stronger participation in OMCs tender and expansion across industrial and retail channels.”
Gaurang Shah, page 3 of the filed PDF · View the filing
New biodiesel facilities at Jhajjar and Kanpur — 400 KLPD additional capacity · December 2026
stated firmly by Gaurang Shah
p. 3
“These facilities expected to be commissioned by December 2026, will add 400 KLPD of capacity and further strengthen our presence across North India while supporting rising OMC and industrial demand.”
Gaurang Shah, page 3 of the filed PDF · View the filing
Revenue/capacity utilization growth — 15-20%
stated as an aspiration by Gaurang Shah
p. 5
“According to me, it seems that it will increase by around 15–20%.”
Gaurang Shah, page 5 of the filed PDF · View the filing
Capacity increase from Jhajjar and Kanpur — around 75%
stated firmly by Gaurang Shah
p. 7
“Sir, that will increase our capacity by 400 KL per day, and it will help us cover North India. So, at this level, there will be an increase of around 75%.”
Gaurang Shah, page 7 of the filed PDF · View the filing
Export license timeline — license to be obtained · four to five months, or six months
stated conditionally by Gaurang Shah
p. 8
“But we are obtaining a license, and through that we will be able to do it. It will take around four to five months, or six months, for the license to be obtained, and then we will proceed with it.”
Gaurang Shah, page 8 of the filed PDF · View the filing
Export revenue impact — this year
stated firmly by Gaurang Shah
p. 8
“It will come in this year itself, sir.”
Gaurang Shah, page 8 of the filed PDF · View the filing
EBITDA growth from incremental capacity utilization — above 15%, possibly up to 30%
stated as an aspiration by Gaurang Shah
p. 13
“This year it was 10%. Sir, first understand that I am increasing it gradually. And this time my expectation is that I will grow by 15% to 20%, and possibly up to 30%. But I feel that I will grow by at least 15%.”
Gaurang Shah, page 13 of the filed PDF · View the filing
Long-term company growth — 60% to 80%, or even 70% to 80% · next four to five years
stated as an aspiration by Gaurang Shah
p. 13
“We are planning to achieve growth of around 60% to 80%, or even 70% to 80%, over the next four to five years.”
Gaurang Shah, page 13 of the filed PDF · View the filing
Geographic expansion — North India, potentially up to Maharashtra
stated as an aspiration by Gaurang Shah
p. 14
“For now, I have planned for North India. If I expand further, I may go up to Maharashtra, something along those lines.”
Gaurang Shah, page 14 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 tender quantities depend on government policy and OMC requirements and will increase gradually.
Answered by Gaurang Shah
Asked by Himanshu Agarwal: Why are OMCs not increasing tender quantity despite higher crude prices?
p. 4
“Sir, this is based on government policy and the requirements of the OMCs. It keeps happening accordingly. However, they will continue to increase it gradually like this.”
Gaurang Shah, page 4 of the filed PDF · View the filing
Management said the shift to quantity-based allocation removes the location constraint that previously limited the company where it wasn't the lowest bidder, which should be beneficial.
Answered by Gaurang Shah
Asked by Himanshu Agarwal: Will the new quantity-based tender allocation policy benefit Kotyark given its Rajasthan plant?
p. 4
“So, if they allocate our quantity somewhere else, then this will be beneficial for us.”
Gaurang Shah, page 4 of the filed PDF · View the filing
Management said margins are currently 8 to 10%.
Answered by Gaurang Shah
Asked by Udit Sehgal: What margins are being achieved at current OMC tender rates?
p. 5
“8 to 10% sir.”
Gaurang Shah, page 5 of the filed PDF · View the filing
Management attributed the difference to commodity raw material price movements, while managing to protect PAT.
Answered by Gaurang Shah
Asked by Udit Sehgal: Why did operating margins fall from around 15% in FY26 to 8-10% now?
p. 6
“Sir, since the product is a commodity, the raw material prices keep moving up and down, so that does make some difference. However, we try to manage it in such a way that there is no major or significant impact on the PAT.”
Gaurang Shah, page 6 of the filed PDF · View the filing
Management said it could arrange an office visit but not a factory floor visit, citing competitive sensitivity given its lower per-unit investment cost versus peers.
Answered by Gaurang Shah
Asked by Udit Sehgal: Can a plant visit be arranged?
p. 6
“Sir, let me explain one thing. I can arrange a visit to the plant from the outside, but I will not be able to arrange a visit inside the plant.”
Gaurang Shah, page 6 of the filed PDF · View the filing
Management said the company has sufficient storage and uses its own vehicles, with no current plans for additional storage.
Answered by Gaurang Shah
Asked by Raghav Srivastava: What is the current logistics model and are additional storage/depot plans in place?
p. 6
“Sir, we do not need any additional storage. We already have sufficient storage capacity for that quantity. As of now, there are no plans for additional storage.”
Gaurang Shah, page 6 of the filed PDF · View the filing
Management explained biodiesel export is currently banned but a license is being pursued to enable it.
Answered by Gaurang Shah
Asked by Ashish Thakur: Is biodiesel export currently possible and what is the timeline?
p. 8
“Actually export of biodiesel is banned.”
Gaurang Shah, page 8 of the filed PDF · View the filing
Management said isobutanol is far more expensive than biodiesel and has limited production capacity in India, making large-scale substitution unlikely.
Answered by Gaurang Shah
Asked by Shubham Mehtre: Does the isobutanol blending push threaten the biodiesel industry?
p. 10
“But sir, according to me, isobutanol is 70% to 75% more expensive than biodiesel. So, if they are not doing it with biodiesel, then how will they do it with isobutanol?”
Gaurang Shah, page 10 of the filed PDF · View the filing
Management said it has received a stay order allowing sales to continue, with the next hearing next month, and that the industry case regarding a penalty notification is also ongoing.
Answered by Gaurang Shah
Asked by Shubham Mehtre: What is the status of the personal legal case and the industry Supreme Court case?
p. 10
“Sir, regarding my case, we have received a stay order, and we have been permitted to sell to OMCs as well as industrial customers. The legal process is still ongoing, and we have the next hearing date next month.”
Gaurang Shah, page 10 of the filed PDF · View the filing
Management said the sale proceeds went into the company to reduce debt, not personal use, and not specifically to fund the new plants.
Answered by Gaurang Shah
Asked by Shubham Mehtre: Was the recent promoter share sale used to fund the new plants?
p. 11
“There are multiple purposes. One is that the company is pursuing the idea and concept of becoming debt-free. Whatever promoter group sale has happened, 100% of it has come into Kotyark Industries itself; I have not taken any money home.”
Gaurang Shah, page 11 of the filed PDF · View the filing
Management declined to disclose the price but said margins have improved significantly.
Answered by Gaurang Shah
Asked by Shubham Mehtre: At what price is biodiesel being sold to private players given rising diesel prices?
p. 11
“Our margins have increased. I will not disclose the price at which we are selling it, but the margins have improved quite significantly, that is all I can say.”
Gaurang Shah, page 11 of the filed PDF · View the filing
Management cited self-built plant and machinery leading to lower investment cost and higher yield versus peers.
Answered by Gaurang Shah
Asked by Anshul Sharma: What differentiates Kotyark from other biodiesel manufacturers?
p. 12
“Compared to other biodiesel manufacturing units in India, I am able to set up a plant at around 30% of their investment cost, and that is my biggest strength.”
Gaurang Shah, page 12 of the filed PDF · View the filing
Management said Kotyark achieves over 99% yield versus an industry norm of 97-98%.
Answered by Gaurang Shah
Asked by Anshul Sharma: What is Kotyark's product yield compared to peers?
p. 12
“Kotyark Industries achieves a yield of more than 99%, and that is also one of our strengths.”
Gaurang Shah, page 12 of the filed PDF · View the filing
Management said the company does not use UCO, instead using multiple non-edible oils, since UCO is more expensive with lower yield.
Answered by Gaurang Shah
Asked by Anshul Sharma: What percentage of feedstock comes from used cooking oil?
p. 13
“Sir, we do not make biodiesel from UCO. We produce biodiesel from multiple non-edible oils.”
Gaurang Shah, page 13 of the filed PDF · View the filing
Management confirmed the certifications are driving growth in industrial sales.
Answered by Gaurang Shah
Asked by Shubham Mehtre: Has ARAI certification helped increase industrial sales to mining and generator operators?
p. 14
“Absolutely, absolutely. The increase that we are seeing in our industrial sales is happening because of that itself, sir.”
Gaurang Shah, page 14 of the filed PDF · View the filing
Risks flagged
Legal case regarding seized raw material is still ongoing
p. 10
“The legal process is still ongoing, and we have the next hearing date next month.”
Gaurang Shah, page 10 of the filed PDF · View the filing
Industry-wide Supreme Court case regarding a penalty imposed via gazette notification remains unresolved with uncertain timing
p. 10
“That case is also ongoing. However, as for how much time it will take, it is a court matter, so it is difficult for us to say.”
Gaurang Shah, page 10 of the filed PDF · View the filing
Commodity nature of raw material prices causes margin volatility
p. 6
“Sir, since the product is a commodity, the raw material prices keep moving up and down, so that does make some difference.”
Gaurang Shah, page 6 of the filed PDF · View the filing
Export of biodiesel is currently prohibited pending licensing
p. 8
“Actually export of biodiesel is banned.”
Gaurang Shah, page 8 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.