Pyramid Technoplast Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Pyramid Technoplast Ltd filed with BSE on 20 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
Pyramid Technoplast reported Q4 FY26 revenue of Rs 196 crore, up 14% year-on-year, with EBITDA up 68% to Rs 20 crore and PAT growing 52%. For the full year, revenue rose 15% to Rs 684 crore, EBITDA increased 26% to Rs 59 crore with margins improving to 8.6% from 7.9%, and PAT stood at Rs 29 crore. Management said the major capex expansion phase across drum, IBC, solar and recycling capacities is now largely complete, with capacity utilization at around 69% during the quarter.
Numbers mentioned
Revenue: 196 crore (Q4 FY26)
p. 4
“During Q4 FY26, revenue stood at 196 crore, registering 14% year-on-year growth, while FY26 revenue increased 15% to 684 crore.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Gross profit: 56 crore (Q4 FY26)
p. 4
“Gross profit grew strongly 33% year-on-year basis to 56 crore during the quarter.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
EBITDA: 20 crore (Q4 FY26)
p. 4
“EBITDA for the quarter increased 68% year-on-year basis to 20 crore while FY26 EBITDA rose 26% to 59 crore.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
EBITDA margin: 8.6% (FY26)
p. 4
“EBITDA margins for the year improved to 8.6% from 7.9%.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
PAT: 29 crore (FY26)
p. 4
“PAT for FY26 stood at 29 crore with margins at 4.2%.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Installed production capacity: 76,931 metric ton per annum (FY26)
p. 3
“So our installed production capacity increased 22% year-on-year to 76,931 metric ton per annum, reflecting successful execution of our expansion strategy.”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
Capacity utilization: around 69% (Q4 FY26)
p. 3
“Capacity utilization during the quarter improved to around 69%, and we expect this to gradually move closer to 80% in the next financial year.”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
WADA plant revenue contribution: 65 crore (FY26)
p. 3
“During FY26, it has a contribution of around 65 crore of revenue and we expect higher contribution going forward.”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
MS-Drums revenue growth: 29% (Q4 FY26 YoY)
p. 4
“Coming to the segmental performance for Q4 FY26 on a yearon-year basis, MS-Drums revenue grew 29%, supported by strong volume growth of 35%.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
HDPE Drum revenue growth: 20% (Q4 FY26 YoY)
p. 4
“The HDPE DRUM's revenue increased 20%.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
IBC revenue growth: 5% (Q4 FY26 YoY)
p. 4
“IBC segment delivered 5% revenue growth along with 6% volume growth and 5% revenue growth.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
Solar plant investment: 60 crore
p. 4
“This project backed by a total investment of around 60 crore and is expected to reduce annual power cost by around 15 crore.”
Jai Prakash Agrawal, page 4 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 — closer to 80% · next financial year
stated as an aspiration by Jai Prakash Agrawal
p. 3
“Capacity utilization during the quarter improved to around 69%, and we expect this to gradually move closer to 80% in the next financial year.”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
Maintenance and balance capex — around 20 crore · FY27
stated firmly by Jai Prakash Agrawal
p. 3
“we expect only around 20 crore of maintenance and balance CAPEX during financial year 27.”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
Recycling plant license approval — June, July 2026
stated conditionally by Jai Prakash Agrawal
p. 3
“We are currently awaiting the final license approval from the Pollution Control Board government agency, which is expected by June, July 2026.”
Jai Prakash Agrawal, page 3 of the filed PDF · View the filing
Power cost reduction from solar — around 15 crore annually, around 12 crore in first year
stated firmly by Jai Prakash Agrawal
p. 4
“This project backed by a total investment of around 60 crore and is expected to reduce annual power cost by around 15 crore. And we are expecting first year to be around 12 crore.”
Jai Prakash Agrawal, page 4 of the filed PDF · View the filing
EBITDA — 75-80 · current year
stated as an aspiration by Bijay Agrawal
p. 9
“It should be somewhere between 75-80.”
Bijay Agrawal, page 9 of the filed PDF · View the filing
IBC and Polymer Drum utilization — 70-75% · 3-6 months
stated as an aspiration by Bijay Agrawal
p. 10
“Sir, in this year itself. It will be done in 3-6 months.”
Bijay Agrawal, page 10 of the filed PDF · View the filing
Revenue — around 800 cr · FY27
stated as an aspiration by Bijay Agrawal
p. 18
“For FY27, the target is around 800 cr.”
Bijay Agrawal, page 18 of the filed PDF · View the filing
Recycling plant savings — at least 5 crores
stated conditionally by Bijay Agrawal
p. 13
“If there is a full fledge, then at least 5 crores will be saved.”
Bijay Agrawal, page 13 of the filed PDF · View the filing
Product mix (IBC/Polymer/MS split) — 45% IBC, 45% Polymer, 10-12% MS
stated as an aspiration by Bijay Agrawal
p. 8
“If it goes ahead, it will be in the middle of 43-45%. 45% will go.”
Bijay Agrawal, page 8 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.
Guidance remains unchanged at 15 crore benefit going forward.
Answered by Bijay Agrawal
Asked by Dipesh Sancheti: Is the solar power savings guidance being revised given the delayed 1 MW commissioning?
p. 5
“It is the same sir.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
Import disruption forced reliance on local vendors, reducing inventory to 25-30 days.
Answered by Bijay Agrawal
Asked by Dipesh Sancheti: Why has inventory strategy changed from 45 days?
p. 5
“No, no sir. The thing is that we are not able to import now. Due to the Shutdown, we have to buy more goods from the local market.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
Management expects margins to remain in double digits without specifying an exact figure yet.
Answered by Bijay Agrawal
Asked by Saket Kapoor: What is the expected EBITDA margin trajectory for the year?
p. 8
“In this, we are roughly understanding that it will remain in the double digit. Now, what will be set in the double digit, it will take some time to tell.”
Bijay Agrawal, page 8 of the filed PDF · View the filing
IBC's share of revenue rose from 34% to 41% year-on-year.
Answered by Bijay Agrawal
Asked by Saket Kapoor: How has the IBC segment's contribution to revenue changed year over year?
p. 8
“The total revenue you will see is year to year. Last time it was 34% and now it has reached 41%.”
Bijay Agrawal, page 8 of the filed PDF · View the filing
Growth is being driven by volume increases tied to customers' sales growth, even as chemical industry margins face pressure.
Answered by Bijay Agrawal
Asked by Saurabh Kumar: What explains Pyramid's good performance despite chemical industry weakness?
p. 11
“Sir, I think the profit margin of the chemical industry can be affected. Sir, their growth is due to the volume. The growth in the chemical industry is due to the volume.”
Bijay Agrawal, page 11 of the filed PDF · View the filing
A one-time Diwali bonus payment in the December quarter and new plant ramp-up costs are now easing as production stabilizes.
Answered by Bijay Agrawal
Asked by Pratik Dedhia: What caused the cost bridge changes shown in the presentation?
p. 11
“The cost that you are seeing, sir, in the December quarter, there is a bonus payment. The supply expense is minus and the other expense is COGS, so it is decreasing.”
Bijay Agrawal, page 11 of the filed PDF · View the filing
Management said reduced inventory is a deliberate strategy to limit price-drop exposure, and there has been no supply issue from local vendors.
Answered by Bijay Agrawal
Asked by Ganesh Nagarsekar: Is there inventory or supply risk from switching to local sourcing?
p. 14
“No sir, I will answer all your questions. See, the stock that I have reduced is due to the risk that the price can also drop.”
Bijay Agrawal, page 14 of the filed PDF · View the filing
Management expects the license in June or July, after which procurement without middlemen should widen margins.
Answered by Bijay Agrawal
Asked by Pratik Dedhia: When will the recycling plant licensing be completed and start impacting margins?
p. 15
“It should come in June or July. I have applied in PCB and I am on final touch.”
Bijay Agrawal, page 15 of the filed PDF · View the filing
Long-term debt repayment is ongoing; short-term debt is tied to working capital needs from local sourcing and should ease once imports resume.
Answered by Bijay Agrawal
Asked by Sourav Kumar: Is there a plan to reduce short-term or long-term debt given interest costs are about 30% of PAT?
p. 18
“The repayment of the long term debt is still going on. and short term is because when there is a need for funds in the business as soon as we start importing again, short term will be over.”
Bijay Agrawal, page 18 of the filed PDF · View the filing
Risks flagged
Inability to import raw material due to a shutdown, forcing reliance on local vendors
p. 5
“No, no sir. The thing is that we are not able to import now. Due to the Shutdown, we have to buy more goods from the local market.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
Rising diesel/transport costs that take time to pass through to customers
p. 7
“It is possible that it will take us 15-20 days to transfer.”
Bijay Agrawal, page 7 of the filed PDF · View the filing
Potential price drop on locally sourced raw material inventory
p. 14
“If there is a drop in the price, it will not be a big hit. If there is a drop in the price, it will not be a big hit.”
Bijay Agrawal, page 14 of the filed PDF · View the filing
Increased working capital requirement due to higher raw material prices and short-term borrowing
p. 9
“No, no, the reason is that we used to import, but the import stopped. We used to get very clean trade goods in imports, it used to come in LCK.”
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.