NOCIL Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript NOCIL Ltd filed with BSE on 10 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
NOCIL reported Q1 FY27 revenue of Rs 403 crores, up 20% year-on-year and 22% sequentially, driven by 9% volume growth and higher selling prices linked to raw material costs. EBITDA rose 48% YoY to Rs 45 crores with margins at 11.2%, while PAT grew 61% YoY to Rs 28 crores. Management discussed anti-dumping duty developments on Sulphonamides and Pilflex 13, progress at the new TDQ plant in Dahej, and gave revenue and margin guidance for FY27.
Numbers mentioned
Revenue from operations: Rs 403 crores (Q1 FY27)
p. 3
“We started Financial Year ‘27 on a strong note with revenue from operations reaching Rs. 403 crores, reflecting an impressive 20% year-on-year growth driven by growing volumes and increase in selling prices on account of increase in raw material costs.”
V. S. Anand, page 3 of the filed PDF · View the filing
Volume growth YoY: 9% (Q1 FY27)
p. 3
“The company delivered a healthy 9% volume growth compared to Q1 Financial Year ‘26, driven by sustained demand across key end markets.”
V. S. Anand, page 3 of the filed PDF · View the filing
Revenue growth QoQ: 22% (Q1 FY27 vs Q4 FY26)
p. 4
“On a sequential basis, revenue grew by a robust 22% over the previous quarter.”
V. S. Anand, page 4 of the filed PDF · View the filing
Volume decline QoQ: 3% (Q1 FY27 vs Q4 FY26)
p. 4
“Volumes, however, witnessed a moderate decline of 3%, primarily due to temporary supply-side constraints related to utilities and logistical challenges arising from the ongoing geopolitical situation, which resulted in the postponement of certain order commitments.”
V. S. Anand, page 4 of the filed PDF · View the filing
EBITDA: Rs 45 crores (Q1 FY27)
p. 5
“EBITDA for Q1 FY27 stood at Rs 45 crores, registering a strong growth of 48% YoY from Rs 31 crores in Q1 FY26, and 115% QoQ from Rs 21 crores in Q4 FY26.”
P. Srinivasan, page 5 of the filed PDF · View the filing
EBITDA margin: 11.2% (Q1 FY27)
p. 5
“EBITDA margins for Q1 FY27 stood at 11.2%, expanding by 210 basis points YoY compared to Q1 FY26, and by 480 basis points QoQ compared to Q4 FY26.”
P. Srinivasan, page 5 of the filed PDF · View the filing
Profit before tax: Rs 37 crores (Q1 FY27)
p. 5
“Profit before tax, PBT for Q1 FY27 stood at Rs 37 crores, registering a strong growth of 60% YoY from Rs 23 crores in Q1 FY26, and 77% QoQ from Rs 21 crores in Q4 FY26.”
P. Srinivasan, page 5 of the filed PDF · View the filing
Profit after tax: Rs 28 crores (Q1 FY27)
p. 6
“Profit after tax for Q1 FY27 stood at Rs 28 crores, registering a strong growth of 61% YoY from Rs 17 crores in Q1 FY26, and 63% QoQ from Rs 17 crores in Q4 FY26.”
P. Srinivasan, page 6 of the filed PDF · View the filing
Sales volume index: 145 (Q1 FY27)
p. 5
“The sales volume for Q1 FY27 was 145 index, taking a base of Rs 100 as Q1 FY20.”
P. Srinivasan, page 5 of the filed PDF · View the filing
Export volume mix: 33% (Q1 FY27)
p. 8
“In the 1st Quarter, we see exports about roughly 33% and domestic 67%.”
P. Srinivasan, page 8 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 — Rs 1,400 to Rs 1,600 crores · FY27
stated conditionally by V. S. Anand
p. 5
“We expect revenue for Financial Year ‘27 to be in the range of Rs 1,400 to Rs 1,600 crores, based on the current pricing environment, with EBITDA in the region of 10%.”
V. S. Anand, page 5 of the filed PDF · View the filing
EBITDA margin — around 10% · FY27
stated conditionally by V. S. Anand
p. 6
“overall, for the year with the combination of the volume growth also kind of kicking in as well as operating leverages, we expect to hover around 10% of EBITDA.”
V. S. Anand, page 6 of the filed PDF · View the filing
Volume growth — 10% · FY27
stated firmly by V. S. Anand
p. 8
“We still see that for the full year, compared to Financial Year ‘26, we should keep up the 10% growth rate.”
V. S. Anand, page 8 of the filed PDF · View the filing
TDQ plant volume ramp-up — Q4 FY27 to Q1 FY28
stated conditionally by V. S. Anand
p. 7
“So, we should seeing it start trickling in Quarter 4, but more into going into Quarter 1 of next year is when I see the numbers coming in.”
V. S. Anand, page 7 of the filed PDF · View the filing
Export share — 40% to 45% · FY28-29
stated as an aspiration by V. S. Anand
p. 14
“Directionally, you are right Aditya, that's the way it will go on.”
V. S. Anand, page 14 of the filed PDF · View the filing
Specialty segment share of top line — additional 5% to 10%
stated as an aspiration by V. S. Anand
p. 14
“Yes, so that should add to that. So, I would expect at least another 5% to 10%, we should see an additional.”
V. S. Anand, page 14 of the filed PDF · View the filing
Pilflex 13 ADD outcome — end of September
stated conditionally by P. Srinivasan
p. 12
“We are hopeful we will make adequate representation wherever it is needed to substantiate our case. Now we will wait for the outcome maybe by the end of September.”
P. Srinivasan, 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.
Management expects full-year EBITDA to hover around 10%, factoring in volume growth and operating leverage.
Answered by V. S. Anand
Asked by Nirav: Can the current quarter's EBITDA run rate be sustained into Q2 and Q3?
p. 6
“while there could be a bit of small adjustments in the EBITDA, overall, for the year with the combination of the volume growth also kind of kicking in as well as operating leverages, we expect to hover around 10% of EBITDA.”
V. S. Anand, page 6 of the filed PDF · View the filing
Higher freight costs from the Middle East crisis, elevated CSR spend, utility cost increases from gas price hikes, stock change impact, and one-off maintenance costs.
Answered by P. Srinivasan
Asked by Nirav: What drove the sequential increase in conversion cost from Rs 110 crores to Rs 130 crores?
p. 7
“So, basically, there are a few things which are there. One is, in this quarter, as we witnessed the Middle East war crisis, we had logistic challenges.”
P. Srinivasan, page 7 of the filed PDF · View the filing
Approvals typically take six to eight months, with initial volumes expected in Q4 FY27 and more meaningfully in Q1 FY28.
Answered by V. S. Anand
Asked by Nirav: When will TDQ plant volumes materially contribute to NOCIL?
p. 7
“So, the approvals are expected, so it takes typically about six to eight months, right, which we have been talking, sometimes even lesser.”
V. S. Anand, page 7 of the filed PDF · View the filing
Management said there was some impact on the non-tyre sector but not the tyre sector, and the 10% growth target for the year remains unchanged.
Answered by V. S. Anand
Asked by Praveen Kumar: Has FY27 volume guidance been revised down due to geopolitical issues?
p. 8
“We still see that for the full year, compared to Financial Year ‘26, we should keep up the 10% growth rate. So, I do not see that flagging.”
V. S. Anand, page 8 of the filed PDF · View the filing
Management said the anti-dumping duty helps them compete and they hold positions with both domestic and international customers.
Answered by V. S. Anand
Asked by Praveen Kumar: How will increased Chinese competitor capacity in accelerators affect NOCIL?
p. 9
“And we are able to compete at this point with also the anti-dumping duty now that is in place.”
V. S. Anand, page 9 of the filed PDF · View the filing
Management estimated the ADD-covered portion at 25-30% of the top line.
Answered by V. S. Anand
Asked by Aditya Khetan: What proportion of revenue is covered under the ADD, excluding TDQ?
p. 13
“So, this would be totally about 25% to 30%.”
V. S. Anand, page 13 of the filed PDF · View the filing
Management said it was too early to comment, pending how much foreign players absorb the duty.
Answered by P. Srinivasan
Asked by Aditya Khetan: Will ADD benefits flow to EBITDA at the same quantum as the last cycle?
p. 14
“It's a bit premature today. Let's all the calculations see and then how the results come in, in the 2nd Quarter, 3rd Quarter, then we can probably comment on that.”
P. Srinivasan, page 14 of the filed PDF · View the filing
Management said there was no gain yet in the June quarter since the duty was only notified on 20th June.
Answered by P. Srinivasan
Asked by Pawan: How much realization gain came from the ADD notified in June?
p. 11
“So, for the quarter ended June, I think there is no gain there. Because it all depends on how much the foreign import producers absorb that.”
P. Srinivasan, page 11 of the filed PDF · View the filing
Management declined to comment, saying it is a matter for the promoters themselves.
Answered by P. Srinivasan
Asked by Aditya Khetan: Why is promoter shareholding being pledged again?
p. 11
“I think we cannot comment on that. That’s promoters in their offices call. So, we prefer to remain non-committal on that.”
P. Srinivasan, page 11 of the filed PDF · View the filing
Risks flagged
Geopolitical uncertainty and supply chain disruption affecting raw material costs and logistics
p. 3
“Global markets continue to experience geopolitical uncertainties, supply chain disruptions and a competitive pricing landscape.”
V. S. Anand, page 3 of the filed PDF · View the filing
Temporary supply-side constraints in utilities and logistics leading to postponed order commitments
p. 4
“Volumes, however, witnessed a moderate decline of 3%, primarily due to temporary supply-side constraints related to utilities and logistical challenges arising from the ongoing geopolitical situation, which resulted in the postponement of certain order commitments.”
V. S. Anand, page 4 of the filed PDF · View the filing
Demand contraction in non-tyre segment due to higher input costs and labor shortages from cooking gas shortages
p. 4
“We did see a temporary demand contraction in the non-tyre segment due to lower production on account of a sharp increase in input costs and shortage of labor due to the cooking gas shortages during the quarter.”
V. S. Anand, page 4 of the filed PDF · View the filing
Continued uncertainty in raw material pricing and availability
p. 9
“there is going to be this uncertainty on pricing of raw materials and availability is something that we will need to keep a close watch on.”
V. S. Anand, page 9 of the filed PDF · View the filing
Elevated freight and utility costs from the Middle East crisis
p. 7
“Obviously, the freight rates went up. So, there was some increase on account of that, if the economic situation stabilizes, so hopefully these corrections will happen.”
P. Srinivasan, page 7 of the filed PDF · View the filing
Uncertain government decision on Pilflex 13 anti-dumping duty implementation
p. 4
“The implementation of the anti-dumping duty on Pilflex 13 is now subject to the approval of the Government of India.”
V. S. Anand, page 4 of the filed PDF · View the filing
Near-term moderation in tyre demand due to seasonal factors and monsoon
p. 4
“While some moderation in demand is expected in the near term owing to seasonal factors and the progress of the monsoon, these are expected to be temporary in nature.”
V. S. Anand, page 4 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.