Pyramid Technoplast Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Pyramid Technoplast Ltd filed with BSE on 18 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
Pyramid Technoplast reported Q1 FY27 revenue growth of 36% year-on-year to Rs 222 crore, driven primarily by price increases as raw material costs rose and were passed to customers, while overall capacity utilization stood at around 62% amid a slowdown in export volumes. EBITDA grew 50% year-on-year with margins at 10%, and PAT grew 32% to Rs 10.5 crore despite higher financial costs and depreciation tied to capacity expansion. Management discussed the Kutch expansion, subsidy approvals for the WADA and Bharuch units, and progress on solar and recycling initiatives during the call.
Numbers mentioned
Installed capacity: 20,936 metric tons per quarter (Q1 FY27)
p. 3
“So today we have an installed capacity of 20,936 metric tons per quarter, while volumes stood at 1,292 metric tons, translating into a capacity utilization of around 62%”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
Capacity utilization: around 62% (Q1 FY27)
p. 3
“translating into a capacity utilization of around 62%”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
EBITDA per ton: approximately 16,380 (Q1 FY26)
p. 3
“EBITDA per ton increased to approximately 16,380 in Q1 FY26 compared with 11,252 in Q1 FY26 and 15,053 in Q4FY26”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
Kutch facility investment: approximately 20 to 25 crore
p. 3
“We are investing approximately 20 to 25 crore in a new facility with a capacity of 10,000 IBC units per month, which is expected to be commissioned by March 2027.”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
WADA subsidy approval: approximately 24.9 crore
p. 3
“We have also received government subsidy approvals for our newly installed WADA unit and Bharuch facility, amounting to approximately 24.9 crore for WADA and 10.5 crore for unit 7, Bharuch, which is spread over 10 years.”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
WADA facility utilization: above 70% (Q1 FY27)
p. 4
“So our WADA facility is in full swing now across HDPE, IBCs, and MS Drums, and is already operating above 70% utilization.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
WADA facility revenue contribution: approximately 43 crore or 19% of revenue from operations (Q1 FY27)
p. 4
“The facility contributed approximately 43 crore or 19% of revenue from operations in this quarter, Q1 FY27.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Solar savings: approximately 2 crore (Q1 FY27)
p. 4
“We achieved approximately 2 crore of savings in this quarter of Q1 FY27 with a full 14.25 megawatt capacity expected to deliver around 15 crore of annual savings.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Recycling plant volume: around 150 metric ton (Q1 FY27)
p. 4
“The plant processed around 150 metric ton in Q1 FY27 and generated around 25 lakh of EBITDA with FY27 EBITDA contribution estimated at around 2 crores.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Revenue growth: 36% year on year to 222 crores (Q1 FY27)
p. 4
“Our financial front revenue grew by 36% year on year to 222 crores.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
HDPE polymer drum tonnage: down 4% year on year (Q1 FY27)
p. 4
“HDPE polymer drum tonnage was down 4% year on year and IBC volumes were little hit as export demand suffered due to the war.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Gross profit growth: 19% year-on-year (Q1 FY27)
p. 4
“Gross profit rose 19% year-on-basis, but gross margin compressed a little to 23% as raw material costs rose in step with price increase.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
EBITDA growth: 50% year-on-year (Q1 FY27)
p. 4
“EBITDA grew 50% year-on-year basis with margins at 10%, reflecting the operating leverage kicking in as the total expenses rose only modestly despite new plant commissioning.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
PAT: 10.5 crore, up 32% year-on-year (Q1 FY27)
p. 4
“PAT grew by 32% year-on-basis to 10.5 crore with margins at 5% despite a sharp rise in financial cost by 179% and depreciation by 61% year-on-year basis tied to capacity expansion.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Finance cost: 3.5 crores (Q1 FY27)
p. 19
“Sir, our finance cost in this quarter is 3.5 crores.”
Saket Kapoor, page 19 of the filed PDF · View the filing
Cash conversion cycle: 65 to 70 days
p. 19
“It comes in 70 days. 65 to 70 days.”
Bijay Agrawal, page 19 of the filed PDF · View the filing
Selling price of polymer drums: Rs.193 per kg (Q1 FY27)
p. 24
“This time, my selling price of polymer drums is Rs.193 per kg.”
Bijay Agrawal, page 24 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 growth — approximately 15% · FY27
stated firmly by Jai Prakash Agrawal
p. 5
“For financial year 27, our objective remains to deliver approximately 15% revenue growth and EBITDA margins on upwards of 10%.”
Jai Prakash Agrawal, page 5 of the filed PDF · View the filing
EBITDA margin — upwards of 10% · FY27
stated firmly by Jai Prakash Agrawal
p. 5
“For financial year 27, our objective remains to deliver approximately 15% revenue growth and EBITDA margins on upwards of 10%.”
Jai Prakash Agrawal, page 5 of the filed PDF · View the filing
Capex — approximately 20 to 25 crore · FY27
stated firmly by Jai Prakash Agrawal
p. 5
“We have also maintained a disciplined approach to capital allocation with FY27 Capex planned at approximately 20 to 25 crore, primarily towards Kutch expansion and deployed in line with actual.”
Jai Prakash Agrawal, page 5 of the filed PDF · View the filing
WADA facility utilization — 80% · this year
stated conditionally by Jai Prakash Agrawal
p. 4
“We expect it to reach 80% during this year.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Overall capacity utilization — 70% · this financial year
stated conditionally by Bijay Agrawal
p. 6
“and the overall which you are seeing is 62%, we will touch it by 70% this year.”
Bijay Agrawal, page 6 of the filed PDF · View the filing
EBITDA margin — 11-12%
stated as an aspiration by Jai Prakash Agrawal
p. 7
“Our target this year is to achieve 11-12%, more than 10%. so that we can focus more on the coming years.”
Jai Prakash Agrawal, page 7 of the filed PDF · View the filing
Polymer selling price — Rs.140 from Rs.160 · 5-6 months
stated conditionally by Bijay Agrawal
p. 7
“My reading says that in 5-6 months, it will settle around 140. The price will come down by 20 rupees.”
Bijay Agrawal, page 7 of the filed PDF · View the filing
WADA phase 2 capex — 20 crores · after March, next financial year
stated firmly by Bijay Agrawal
p. 8
“We will do it for the nest financial year. After March.”
Bijay Agrawal, page 8 of the filed PDF · View the filing
Kutch plant commercial production — 50 crores initial revenue · FY28
stated conditionally by Bijay Agrawal
p. 11
“Yes, once it starts in full-fledged production.. But in the start, we don't consider it as much. We consider it as 50 crores.”
Bijay Agrawal, page 11 of the filed PDF · View the filing
Solar savings — 15 crore annual savings · full year once 14.25 MW is operational
stated conditionally by Bijay Agrawal
p. 14
“We have already told about full fledged number only – 15 cr.”
Bijay Agrawal, page 14 of the filed PDF · View the filing
Finance cost — 3 crores · by end of the year
stated conditionally by Bijay Agrawal
p. 20
“By the end of the year, it will reach 3 crores. 3.5 crores.”
Bijay Agrawal, page 20 of the filed PDF · View the filing
FY27 EBITDA — 85-86 crore · FY27
stated conditionally by Bijay Agrawal
p. 10
“There is complete hope, sir.”
Bijay Agrawal, page 10 of the filed PDF · View the filing
Growth ambition — double
stated as an aspiration by Bijay Agrawal
p. 21
“We will double our work from here.”
Bijay Agrawal, page 21 of the filed PDF · View the filing
Subsidy income — around 3.5 crore per year · over 10 years
stated firmly by Bijay Agrawal
p. 22
“It will be around 3.5 crore per year.”
Bijay Agrawal, page 22 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 62% utilization would reach 70% this year, with exports impacted by war-related freight costs in the Middle East.
Answered by Bijay Agrawal
Asked by Saket Kapoor: What is the outlook for overall capacity utilization and export impact?
p. 6
“the overall which you are seeing is 62%, we will touch it by 70% this year. In the middle east, due to the war, freight cost has grown significantly, so there is a problem in export, we are not able to export.”
Bijay Agrawal, page 6 of the filed PDF · View the filing
Management said the selling price would normalize down and EBITDA margin would settle around 10-11%.
Answered by Bijay Agrawal
Asked by Saket Kapoor: What is the shape of EBITDA per ton going ahead given it was the highest so far?
p. 7
“In the market, the selling price of Rs.160 will slowly come down to Rs.140. The EBITDA that we are telling you will be in the double digit, it will only reach 10-11%.”
Bijay Agrawal, page 7 of the filed PDF · View the filing
Management attributed the gap to a 40 rupee price differential and said EBITDA would improve to 11% once that gap closes.
Answered by Bijay Agrawal
Asked by Kumar Saurabh: Given margin guidance of 11-12% was set but only 9.5% achieved, is management confident of reaching 11%?
p. 10
“The thing that we were selling for 120rs, we are selling it for 160rs. So that gap of 40 rupees is keeping our EBITDA below 10. As soon as that gap is reduced, we will easily reach 11.”
Bijay Agrawal, page 10 of the filed PDF · View the filing
Management expressed confidence in achieving the target.
Answered by Bijay Agrawal
Asked by Kumar Saurabh: Is the FY27 EBITDA target of around 80-86 crore still achievable?
p. 10
“There is complete hope, sir.”
Bijay Agrawal, page 10 of the filed PDF · View the filing
Management estimated a 100 crore business potential but guided conservatively to 50 crore initially.
Answered by Bijay Agrawal
Asked by Ganesh Nagarsekar: What revenue potential does the Kutch IBC capacity represent?
p. 15
“It is a 100 crore business, but we are going by 50 crores.”
Bijay Agrawal, page 15 of the filed PDF · View the filing
Management explained the margin compression was due to a sharp rise in selling price relative to raw material cost increase, and clarified how volume versus value growth affected reported EBITDA percentage.
Answered by Bijay Agrawal
Asked by Dipesh Sancheti: Why did gross margin come in lower than expected this quarter despite solar savings and subsidies?
p. 24
“If we say that my volume has decreased by 4% and the sale has increased from 196 to 222, then you are looking EBITDA at 222 and not at 190. If you look at 190, you will see that it is 12% EBITDA.”
Bijay Agrawal, page 24 of the filed PDF · View the filing
Management said the amount will come as cash tied to GST already paid, spread over 10 years.
Answered by Bijay Agrawal
Asked by Divyesh Vhora: Will the subsidy benefit come as cash or GST-linked, and when is it expected?
p. 17
“GST will come from the form of the cash. I have already paid that much GST. From there, we will get it in cash form from the government. We will get a cheque.”
Bijay Agrawal, page 17 of the filed PDF · View the filing
Management said repayment on the term loan has already started and is not increasing, though working capital loans have grown due to higher raw material prices.
Answered by Bijay Agrawal
Asked by Ankit Kanodia: Will debt reduce significantly in FY27-FY28?
p. 18
“The repayment has already started, it is not increasing. The loan we had taken last year to start a plant. It has already started. It is not growing.”
Bijay Agrawal, page 18 of the filed PDF · View the filing
Risks flagged
Export slowdown to Middle East due to war-related freight cost increases
p. 6
“In the middle east, due to the war, freight cost has grown significantly, so there is a problem in export, we are not able to export.”
Bijay Agrawal, page 6 of the filed PDF · View the filing
EPR portal closure delaying recycling-related government support
p. 8
“there is a portal for EPR. It has been closed for 3 months, so we are not able to get the support from the government.”
Bijay Agrawal, page 8 of the filed PDF · View the filing
Pending pollution control (PUC) license limiting full capacity operation
p. 12
“No, we didn't get it. We didn't get it 100%. 90% of the work is done. There is one more license that hasn't come yet.”
Bijay Agrawal, page 12 of the filed PDF · View the filing
Possibility of employee or wage-related issues
p. 20
“There could be a possibility for everything. How can we deny a possibility?”
Bijay Agrawal, page 20 of the filed PDF · View the filing
Volume and pricing loss risk tied to raw material price fluctuations
p. 9
“There is less chance of pricing loss. In the first week of the first month, all orders are booked.”
Bijay 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.