Mitsu Chem Plast Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Mitsu Chem Plast Ltd filed with BSE on 08 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
Mitsu Chem Plast reported Q4 FY26 total income of INR8,679.47 lakhs with EBITDA growing 72.98% to INR1,422.74 lakh and EBITDA margin expanding to 16.45%. Net profit for the quarter rose 117.90% year-on-year to INR771.73 lakhs, while full-year FY26 total income grew 5.40% to INR35,084.56 lakhs. Management attributed part of the margin improvement to raw material price movements linked to a war situation, and announced entry into the Intermediate Bulk Container vertical through a new plant at Khalapur.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total income: INR8,679.47 lakhs (Q4 FY26)
p. 4
“Total income for the quarter stood at INR8,679.47 lakhs.”
Kashmira Dedhia, page 4 of the filed PDF · View the filing
EBITDA: INR1,422.74 lakh, growth of 72.98% (Q4 FY26)
p. 4
“EBITDA increased to INR1,422.74 lakh registering growth of 72.98% with EBITDA margin improving to 16.45%, an expansion of 736.14 basis points compared to the same period of the last year.”
Kashmira Dedhia, page 4 of the filed PDF · View the filing
Net profit: INR771.73 lakhs, up 117.90% YoY (Q4 FY26)
p. 4
“Net profit for the quarter 4 FY26 stood at INR771.73 lakhs, up by 117.90% year-on-year with net profit margin improving to 8.92%.”
Kashmira Dedhia, page 4 of the filed PDF · View the filing
Earnings per share: 5.68 (Q4 FY26)
p. 4
“Earnings per share for the quarter stood at 5.68%, higher by 117.62% compared to the corresponding quarter last year.”
Kashmira Dedhia, page 4 of the filed PDF · View the filing
Total income: INR35,084.56 lakhs, growth of 5.40% (FY26)
p. 4
“For the full year FY 2026, total income stood at INR35,084.56 lakhs, reflecting year-on-year growth of 5.40%.”
Kashmira Dedhia, page 4 of the filed PDF · View the filing
EBITDA: INR3,466.31 lakhs, growth of 48.88% (FY26)
p. 4
“EBITDA for the period increased by 48.88% to INR3,466.31 lakhs, with margin improving to 9.90% reflecting an expansion of 289 basis points year-on-year.”
Kashmira Dedhia, page 4 of the filed PDF · View the filing
Net profit: INR1,561.87 lakhs, growth of 115.40% (FY26)
p. 4
“Net profit for the FY26 stood at INR156,1.87 lakhs, registering a growth of 115.40% with net profit margin improving to 4.46%.”
Kashmira Dedhia, page 4 of the filed PDF · View the filing
Earnings per share: INR11.50, up 113.36% (FY26)
p. 4
“Earnings per share stood at was INR11.50, up by 113.36% compared to the previous year.”
Kashmira Dedhia, page 4 of the filed PDF · View the filing
Installed capacity: exceeding 29,900 metric tons annually
p. 3
“Our Maharashtra facilities house over 51 blow molding and 22 injection molding machines, with installed capacity exceeding 29,900 metric tons annually.”
Manish Dedhia, page 3 of the filed PDF · View the filing
HDPE price increase: around 40% (post-war period)
p. 6
“So around 40% has increased. The prices have increased by 40% only after war.”
Manish Dedhia, page 6 of the filed PDF · View the filing
Furniture and infrastructure revenue mix: 16% (FY26)
p. 6
“So around 16% is our furniture and infrastructure, and 84% from the packaging items.”
Manish Dedhia, page 6 of the filed PDF · View the filing
Furnastra EBITDA margin: 15% plus
p. 6
“So it's a much better 15% plus margin. EBITDA margin is 15% plus.”
Manish Dedhia, page 6 of the filed PDF · View the filing
Fixed asset turnover ratio: 3.70
p. 10
“Our average turnover ratio is 3.70, fixed asset turnover ratio.”
Kashmira Dedhia, page 10 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.
Annual revenue — INR1,000 crores · FY28
stated as an aspiration by Manish Dedhia
p. 4
“we remain confident of progressing toward our long-term objective of achieving INR1,000 crores in annual revenue by FY'28”
Manish Dedhia, page 4 of the filed PDF · View the filing
EBITDA margin — minimum 9% to 10%
stated firmly by Manish Dedhia
p. 5
“And I think we consider that 9% to 10% is fair enough in our business. So 10% I consider.”
Manish Dedhia, page 5 of the filed PDF · View the filing
Revenue growth — minimum 30% · FY27
stated firmly by Manish Dedhia
p. 6
“Much, much better than this. I think minimum, minimum 30% growth this year, minimum.”
Manish Dedhia, page 6 of the filed PDF · View the filing
Minimum utilization rate — 40% to 45%
stated firmly by Manish Dedhia
p. 11
“40%. 40% to 45%.”
Manish Dedhia, page 11 of the filed PDF · View the filing
IBC plant commissioning — Quarter 2
stated firmly by Manish Dedhia
p. 13
“We have already announced that Quarter 2 we will start.”
Manish Dedhia, page 13 of the filed PDF · View the filing
Furniture and infra revenue mix — 20% · by FY28 (at INR1,000 crores revenue)
stated as an aspiration by Manish Dedhia
p. 12
“So I think hospital and infra will be around 20% out of that. 15% to 20% will be minimal, minimal of this and the rest will be containers and packaging items.”
Manish Dedhia, page 12 of the filed PDF · View the filing
Fixed asset turnover ratio — more than 4
stated as an aspiration by Manish Dedhia
p. 10
“It will be more than 4. It will be more than 4.”
Manish Dedhia, page 10 of the filed PDF · View the filing
Revenue growth timing — second half of FY27
stated firmly by Manish Dedhia
p. 14
“Second half. Yes.”
Manish Dedhia, 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 attributed part of the improvement to operational efficiency and value addition, and part to a one-off benefit from the war situation.
Answered by Manish Dedhia
Asked by Deepak Poddar: What were the key drivers of the Q4 EBITDA margin improvement?
p. 5
“And some part, the extra margin has come up from maybe the war situation, which has happened. And somewhat -- we consider that some little more -- little margin came from that war also.”
Manish Dedhia, page 5 of the filed PDF · View the filing
Management guided to minimum 30% growth for the year.
Answered by Manish Dedhia
Asked by Deepak Poddar: What growth is being targeted for FY27 toward the INR1,000 crore goal?
p. 6
“Much, much better than this. I think minimum, minimum 30% growth this year, minimum.”
Manish Dedhia, page 6 of the filed PDF · View the filing
Prices rose about 40% after the war situation but have since reduced to around 30%.
Answered by Manish Dedhia
Asked by Keshav Garg: How much have HDPE raw material prices increased year-on-year and quarter-on-quarter?
p. 6
“No, no. I think they have reduced quite good, I think now it must be 30%, something like that.”
Manish Dedhia, page 6 of the filed PDF · View the filing
Management said it is both, and clarified the increase is not driven significantly by rate increases since volumes are comparable to before the war situation.
Answered by Manish Dedhia
Asked by Keshav Garg: Is the 30% revenue growth guidance for FY27 volume growth or revenue growth including price?
p. 7
“Both. This revenue growth is also not significant increase because of the rate increase.”
Manish Dedhia, page 7 of the filed PDF · View the filing
Management declined to comment on competitor margins and only reiterated their own quarter-on-quarter improvement.
Answered by Manish Dedhia
Asked by Keshav Garg: Why are Mitsu's margins lower and more volatile than competitor Time Technoplast in the same container product line?
p. 8
“I would not like to give answer on this. Sorry. We are at -- as I said in my all calls, I'm saying we are doing better.”
Manish Dedhia, page 8 of the filed PDF · View the filing
Management said they are a global supplier to a top-three world player, with three to four designs already approved and more in progress, though sizing revenue precisely is difficult given it is a capital item.
Answered by Manish Dedhia
Asked by Keshav Garg: Can you shed light on the hospital bed supply deal with the Polish company and its revenue potential?
p. 9
“So I think three to four designs have already passed and maybe many more are on the way. So the revenue is big enough.”
Manish Dedhia, page 9 of the filed PDF · View the filing
Management said the fixed asset turnover ratio is targeted to remain near 4 to 5 once installed capacity reaches normal utilization.
Answered by Kashmira Dedhia
Asked by Ritesh Jha: What is the targeted incremental asset turnover for the new fourth unit capacity?
p. 10
“So by the time all the installed capacity, all the machines will come and we come to the normal capacity utilizations, it will remain more or less same, near to 4 to 5.”
Kashmira Dedhia, page 10 of the filed PDF · View the filing
Management expects hospital and infra to be 15-20% of revenue at that scale and confirmed capex will be required, to be announced later.
Answered by Manish Dedhia
Asked by Saurabh Patwa: What revenue mix is expected between hospital furniture/infra and packaging at the INR1,000 crore target, and what capex is required?
p. 12
“So I think hospital and infra will be around 20% out of that. 15% to 20% will be minimal, minimal of this and the rest will be containers and packaging items.”
Manish Dedhia, page 12 of the filed PDF · View the filing
Management said the blow molding business rarely has order visibility beyond one month, so the guidance is based on planning using historical customer data.
Answered by Manish Dedhia
Asked by Akhil Parekh: Is the 30% growth guidance for FY27 backed by order book visibility or is it an internal aspiration?
p. 14
“Yes, because see as you know that in the blow molding company, most of the things like it is never a more than order book for more than one month.”
Manish Dedhia, page 14 of the filed PDF · View the filing
Management indicated the growth would be weighted to the second half of the year.
Answered by Manish Dedhia
Asked by Akhil Parekh: Will the implied higher quarterly revenue run rate begin in Q1 FY27 or the second half?
p. 14
“Second half. Yes.”
Manish Dedhia, page 14 of the filed PDF · View the filing
Risks flagged
Raw material (HDPE) price volatility tied to the war situation could reverse recent margin gains
p. 7
“Yes, yes, obviously. It will be either gaining either loss, because a lot of things are depended on war situation also.”
Manish Dedhia, page 7 of the filed PDF · View the filing
Possible reversal of the inventory/margin benefit gained from raw material pricing
p. 14
“So as soon as, like, this benefit has been come up, the same way it will be reverse also sometime. Let's see how the situation goes on.”
Manish Dedhia, page 14 of the filed PDF · View the filing
Delay in expansion plans, including the Tarapur unit
p. 5
“Number two, yes, our the plans are still on the pipeline and we are, I'll not say too much delayed, a little delayed.”
Manish Dedhia, page 5 of the filed PDF · View the filing
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