Regaal Resources Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Regaal Resources Ltd filed with BSE on 03 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
Regaal Resources reported FY26 operating income of Rs 1,134.2 crore, up 23.9% year-on-year, with operating EBITDA of Rs 126.6 crore at an 11.2% margin and PAT of Rs 55.6 crore at a 4.9% margin. The company commissioned a major capacity expansion on May 26, 2026, taking crushing capacity to 1,650 TPD along with new liquid glucose, maltodextrin, and additional captive power capacity, and revised its total capex outlay upward from approximately Rs 430 crore to approximately Rs 540 crore. Management declined to give forward guidance on volumes, margins, or revenue for FY27, stating it would wait for the plant to stabilize before providing a formal outlook by the end of H1 FY27.
Numbers mentioned
Operating income: INR1,134.2 crores (FY26)
p. 6
“Coming to our financial performance, for the full year FY26, our operating income stood at INR1,134.2 crores”
Anil Kishorepuria, page 6 of the filed PDF · View the filing
PAT: INR 55.6 crores (FY26)
p. 6
“PAT for FY26 stood at INR 55.6 crores, with a margin of 4.9%”
Anil Kishorepuria, page 6 of the filed PDF · View the filing
Operating income growth: 23.9% year-on-year (FY26)
p. 6
“Our operating income grew by 23.9% year-on-year to INR 1,134.2 crores, while value-added increased by 18% to INR 295.8 crores.”
Saikat Chatterjee, page 6 of the filed PDF · View the filing
Operating EBITDA: INR126.6 crores (FY26)
p. 6
“Operating EBITDA for FY26 stood at INR126.6 crores, with a margin of 11.2%.”
Saikat Chatterjee, page 6 of the filed PDF · View the filing
Operating income: INR 244.6 crores (Q4 FY26)
p. 6
“For Q4 FY26, operating income stood at INR 244.6 crores, while operating EBITDA stood at INR 32.5 crores with a margin of 13.3%.”
Saikat Chatterjee, page 6 of the filed PDF · View the filing
PAT: INR 16.5 crores (Q4 FY26)
p. 6
“PAT for the quarter stood at INR 16.5 crores with a margin of 6.8%, reflecting sequential improvement in profitability and operating performance.”
Saikat Chatterjee, page 6 of the filed PDF · View the filing
Net debt-equity ratio: 1.1x (FY26)
p. 7
“the net debt-equity ratio improved to 1.1x from 1.9x in FY25”
Saikat Chatterjee, page 7 of the filed PDF · View the filing
Cash conversion cycle: 50 days (FY26)
p. 7
“the company's cash conversion cycle improved significantly to 50 days in FY26 from 93 days in FY25”
Saikat Chatterjee, page 7 of the filed PDF · View the filing
Crushing capacity: 1,650 tons per day (May 2026)
p. 4
“Our crushing capacity has been scaled up to 1,650 tons per day, completed by the addition of new derivative manufacturing facilities, being liquid glucose at 180 tons per day and maltodextrin powder at 50 tons per day.”
Anil Kishorepuria, page 4 of the filed PDF · View the filing
Revised capex outlay: approximately INR540 crores (FY27)
p. 5
“This led us to revise our capex outlay upwards from approximately INR430 crores to approximately INR540 crores.”
Anil Kishorepuria, page 5 of the filed PDF · View the filing
Capex spent to date: INR401 crores (as of March 31, 2026)
p. 8
“Capex will be coming. Sir we have already mentioned in my speech that about INR 540 odd crores capex is envisaged for completion in 2026-27, out of which about INR 401crores we have already spent by 31st of March '26.”
Anil Kishorepuria, page 8 of the filed PDF · View the filing
Net debt: INR 545.65 crores
p. 12
“So at present our net debt is around INR 545.65 crores.”
Saikat Chatterjee, page 12 of the filed PDF · View the filing
Operating EBITDA margin: 13.3% (Q4 FY26)
p. 9
“operating EBITDA margin has gone up from 10.7% to 13.3% in spite of, you know, the ramp-up of costs for the expansion”
Sanjeev Sancheti, page 9 of the filed PDF · View the filing
Dividend: INR 0.25 per share (FY26)
p. 6
“I am pleased to share that the Board has recommended a dividend of INR 0.25 per share, subject to the shareholders' approval.”
Anil Kishorepuria, page 6 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.
Formal earnings outlook — H1 FY27
stated firmly by Anil Kishorepuria
p. 6
“We look forward to sharing a more comprehensive view of our earnings trajectory by the end of H1 FY27.”
Anil Kishorepuria, page 6 of the filed PDF · View the filing
Remaining capex — INR140 crores · FY27
stated firmly by Anil Kishorepuria
p. 8
“So balance INR140 crores will be coming in this year.”
Anil Kishorepuria, page 8 of the filed PDF · View the filing
Total debt — INR 700 crore, INR750 crores · this financial year
stated conditionally by Saikat Chatterjee
p. 12
“Now with the number of capex which is coming during this financial year, so it is expected that it should be around INR 700 crore, INR750 crores of total debt.”
Saikat Chatterjee, page 12 of the filed PDF · View the filing
Cash conversion cycle — 75 to 50 days
stated as an aspiration by Saikat Chatterjee
p. 10
“So cash conversion cycle should be around between, now at present we are at 50 cash conversion cycle and it should roam around between 75 to 50 days.”
Saikat Chatterjee, page 10 of the filed PDF · View the filing
Value-added product revenue share — about 35% plus · at full capacity
stated as an aspiration by Management
p. 15
“So, it will go up from 2% to about 3% in FY26 to a full capacity. When we run the full capacity of full year, it will go up to about 35% plus on the value-add.”
Management, page 15 of the filed PDF · View the filing
Value-added product revenue share — 20% to 25% · this year
stated as an aspiration by Sanjeev Sancheti
p. 17
“So, I think the ramp-up is happening this year. At the peak capacity we'll be about 35% value-added, but this year will be closer to 20% largely between 20% to 25%.”
Sanjeev Sancheti, page 17 of the filed PDF · View the filing
Ramp-up of new capacity — full rated capacity · 15-20 days
stated conditionally by Anil Kishorepuria
p. 13
“I would say, if nothing goes wrong, if everything is fine, it should not take more than 15-20 days.”
Anil Kishorepuria, page 13 of the filed PDF · View the filing
Value-added product premium — 20%-25% over starch prices · H1
stated as an aspiration by Anil Kishorepuria
p. 15
“Sir, that guidance exactly, I will be able to give you sometime in the H1, but more of less guidance, sir, it will be of course a delta should be about 20%-25% over the starch prices.”
Anil Kishorepuria, page 15 of the filed PDF · View the filing
Trading revenue — near zero
stated firmly by Anil Kishorepuria
p. 8
“Sir, it will come down considerably. It will be near to zero. I will not say that it will not be a crores or 5 crores, it will be near to zero.”
Anil Kishorepuria, page 8 of the filed PDF · View the filing
Revenue at full capacity — at least double
stated conditionally by Sanjeev Sancheti
p. 12
“Yes, because this is a raw material heavy and raw material is a commodity, so the revenue also moves with the commodity. But I think you can ballpark say it will at least double, but there will be cycles where because of the raw material prices the revenue will fluctuate a bit.”
Sanjeev Sancheti, 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 described a three-pronged strategy combining direct farmer procurement, Farmer Procurement Centers, and limited trader purchases, plus warehouse storage arrangements.
Answered by Anil Kishorepuria
Asked by Surya Nayak: What is the procurement strategy for the current season given storage capacity?
p. 7
“We have agreements, with warehouses all around our factory from 500 meters to maximum 80 kilometers, where we are stocking this material.”
Anil Kishorepuria, page 7 of the filed PDF · View the filing
Management attributed the decline to costs ramped up for the expansion and pointed instead to EBITDA margin improvement year-on-year.
Answered by Sanjeev Sancheti
Asked by Keshav Garg: Why did margins decline quarter-on-quarter versus peers showing improvement?
p. 9
“EBITDA has gone down because we ramped up our costs for the expansion. But if you have to look at the value-add level, value-add has increased.”
Sanjeev Sancheti, page 9 of the filed PDF · View the filing
Management said white-labelling volumes are increasing from a small base with more companies onboarded.
Answered by Anil Kishorepuria
Asked by Khushi Parekh: What is the white-labelling strategy and its expected contribution?
p. 9
“White-labelling strategy, we are doing small capacity at the moment. We started with one company, now we have four companies enrolled .”
Anil Kishorepuria, page 9 of the filed PDF · View the filing
Management explained the subvention caps and timing of receipt, and confirmed it is netted against interest cost in the P&L.
Answered by Saikat Chatterjee
Asked by Harsh Saraswat: How does the Bihar interest subvention scheme work and how is it treated in accounts?
p. 10
“Yes, it is already being deducted from the interest cost which is coming and which you are seeing in your profit and loss account.”
Saikat Chatterjee, page 10 of the filed PDF · View the filing
Management gave an expected total debt range and explained the increase in other current assets as advances given to new suppliers and warehouses.
Answered by Saikat Chatterjee
Asked by Manan Pamani: What is the peak debt expected during the capex cycle and what explains the rise in other current assets?
p. 12
“So if you are talking about other current assets, it's because of the advances which we have given at the in the end of this year, that is in the March, for because as we are revamping our capacity to 1,650”
Saikat Chatterjee, page 12 of the filed PDF · View the filing
Management said the power plant is already operational and other facilities should ramp up within weeks barring issues.
Answered by Anil Kishorepuria
Asked by Shivam: What ramp-up challenges are expected in the expanded facilities?
p. 13
“The power plant is fully operational. Out of 10 MW new power plant, we are already drawing out 5 MW which is required by us at the moment.”
Anil Kishorepuria, page 13 of the filed PDF · View the filing
Management estimated procurement prices are down roughly 10% compared to last year.
Answered by Anil Kishorepuria
Asked by Pritesh: How much lower are maize procurement prices this year versus last year?
p. 14
“It should come down to about 10% compared to last year, sir. That is my calculation.”
Anil Kishorepuria, page 14 of the filed PDF · View the filing
Management declined to confirm any margin level, reiterating that firm guidance would come between Q1 and Q2.
Answered by Sanjeev Sancheti
Asked by Surya Nayak: Can a 12% EBITDA margin be considered a base level going forward?
p. 16
“Sir, any attempt for you to extract from us a guidance is going to be futile now. We will get back with a firm guidance between Q1 and Q2.”
Sanjeev Sancheti, page 16 of the filed PDF · View the filing
Risks flagged
Higher freight and forwarding costs and shutdown days impacted margin expansion and crushing volumes
p. 6
“The margin expansion during the year was partly offset by higher freight and forwarding costs within other expenses, along with relatively higher shutdown days during March '26, which impacted crushing volumes and operating leverage during the period.”
Saikat Chatterjee, page 6 of the filed PDF · View the filing
Revenue is exposed to fluctuations in maize commodity prices
p. 12
“because this is a raw material heavy and raw material is a commodity, so the revenue also moves with the commodity”
Sanjeev Sancheti, page 12 of the filed PDF · View the filing
Uncertainty over whether raw material price softening is a structural trend
p. 6
“Concurrently, corn prices have begun to soften, a trend viewed constructively, though we believe it would be prudent to allow this to play out over another quarter before drawing firm conclusions on its structural trajectory.”
Anil Kishorepuria, page 6 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.