Yasho Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Yasho Industries Ltd filed with BSE on 22 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
Yasho Industries reported consolidated FY26 revenue of INR830 crores, up 22.7% year-on-year, with EBITDA of INR144 crores and margin at 17.4%. Q4 FY26 revenue was INR246.72 crores, up 33% year-on-year, with EBITDA margin at 18.1%. Management described a 15-year long-term agreement with a customer, an advance of INR51.4 crores already received, and plant utilization above 60% in FY26 with a target of over 75% utilization in FY27.
Numbers mentioned
Consolidated Revenue: INR830 crores (FY26)
p. 3
“Consolidated revenue reached INR830 crores, up 22.7% year-on-year, while EBITDA stood at INR144 crores with margin improving to 17.4%, supported by product mix, operating leverage and cost optimization.”
Parag Jhaveri, page 3 of the filed PDF · View the filing
EBITDA margin: 17.4% (FY26)
p. 3
“Consolidated revenue reached INR830 crores, up 22.7% year-on-year, while EBITDA stood at INR144 crores with margin improving to 17.4%, supported by product mix, operating leverage and cost optimization.”
Parag Jhaveri, page 3 of the filed PDF · View the filing
Revenue: INR246.72 crores (Q4 FY26)
p. 4
“For Q4 FY '26, revenue was INR246.72 crores, up 33% year-on-year.”
Chirag Shah, page 4 of the filed PDF · View the filing
EBITDA margin: 18.1% (Q4 FY26)
p. 4
“EBITDA stood at INR44.71 crores with margin at 18.1%, reflecting 23.7% growth.”
Chirag Shah, page 4 of the filed PDF · View the filing
Volume growth: 33% (FY26)
p. 4
“For FY '26, volume growth was 33% year-on-year, supported by stronger customer traction and scale up across categories.”
Chirag Shah, page 4 of the filed PDF · View the filing
Industrial Chemicals share of revenue: 87% (FY26)
p. 4
“Industrial Chemicals contributed 87% of revenue for both the quarter and the full year, while exports accounted for 62%, underscoring resilience despite global challenges.”
Chirag Shah, page 4 of the filed PDF · View the filing
Cash from operations: INR152.75 crores (FY26)
p. 4
“In FY '26, the company generated positive cash from operations of INR152.75 crores.”
Chirag Shah, page 4 of the filed PDF · View the filing
Debt-to-EBITDA: 3.75x (FY26)
p. 4
“Financial discipline remains strong with debt-to-EBITDA improving to 3.75x from 4.70x in FY '25.”
Chirag Shah, page 4 of the filed PDF · View the filing
Capex: INR75 crores (FY26)
p. 4
“Capex for the year FY '26 was INR75 crores.”
Chirag Shah, page 4 of the filed PDF · View the filing
Advance received on long-term contract: INR51.4 crores (FY26)
p. 4
“For our long-term contract signed in FY '26, we received an advance of INR51.4 crores with execution progressing as planned.”
Chirag Shah, 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 — over 75% · FY27
stated as an aspiration by Parag Jhaveri
p. 3
“With improving sentiment and enhanced customer engagement, we target over 75% utilization in FY '27, supporting EBITDA margin expansion.”
Parag Jhaveri, page 3 of the filed PDF · View the filing
Capex — INR125 crores · FY27
stated firmly by Parag Jhaveri
p. 3
“For FY '27, the company has planned a capex of INR125 crores, which will be completely funded through internal accruals.”
Parag Jhaveri, page 3 of the filed PDF · View the filing
Revenue — INR1,500 crores · FY28
stated as an aspiration by Parag Jhaveri
p. 9
“So all these things will help us to achieve INR1,500 crores revenue in FY '28.”
Parag Jhaveri, page 9 of the filed PDF · View the filing
EBITDA margin — 2%, 3% higher
stated conditionally by Parag Jhaveri
p. 6
“So yes, we are expecting at least 2%, 3% higher EBITDA compared to the what we had, purely because of the operational efficiencies when we are driving up the utilization beyond 70%, we should able to rationalize a lot of cost.”
Parag Jhaveri, page 6 of the filed PDF · View the filing
Debt-to-EBITDA — 2.5x
stated as an aspiration by Parag Jhaveri
p. 7
“What we are assuming is that debt-to-EBITDA ratio to come down and our comfort zone will be in the 2.5x.”
Parag Jhaveri, page 7 of the filed PDF · View the filing
Working capital days — 175, 170 days · next 6 to 12 months
stated as an aspiration by Parag Jhaveri
p. 10
“So we would like to bring it down to 175, 170 in the next 6 to 12 months rather than drastically bringing down and wait for a raw material to have a production.”
Parag Jhaveri, page 10 of the filed PDF · View the filing
Volume growth — 35% to 45% · FY27
stated firmly by Parag Jhaveri
p. 16
“We already said that we will grow by about 15% on capacity utilization and volumes are between 35% to 45%, volume growth also will happen in FY27.”
Parag Jhaveri, page 16 of the filed PDF · View the filing
Gross margin — 40% to 42%
stated conditionally by Parag Jhaveri
p. 14
“I think 40% -- anything between 40% to 42% should be the right guidance.”
Parag Jhaveri, 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 said the target is driven by optimal utilization of assets, the new special project coming into commercial operation, and new molecules being developed.
Answered by Parag Jhaveri
Asked by Dheeraj Kumar Reddy: What is driving confidence in the INR1,500 crores revenue target by FY28?
p. 4
“we are expecting to utilize our assets by FY '28 by optimal, when we say optimal, 85% to 90% that will drive us.”
Parag Jhaveri, page 4 of the filed PDF · View the filing
Management said currency effects were minor and largely offset by equivalent import costs, and the company measures growth in volume terms.
Answered by Parag Jhaveri
Asked by Parikshit Gujrati: Was revenue growth driven by currency depreciation or purely volume?
p. 5
“The company always measures growth in terms of volume.”
Parag Jhaveri, page 5 of the filed PDF · View the filing
Management said they expect margins 2-3% higher than the current year due to operational efficiencies from higher utilization.
Answered by Parag Jhaveri
Asked by Naeem Patel: Has the EBITDA margin guidance band of 17-19% changed?
p. 6
“I think we are -- I have already mentioned that we are looking for the better margins compared with this year.”
Parag Jhaveri, page 6 of the filed PDF · View the filing
Management said they are targeting a debt-to-EBITDA ratio of 2.5x rather than committing to absolute debt levels.
Answered by Parag Jhaveri
Asked by Harshit Singhania: Will debt levels remain low in FY27 and FY28?
p. 7
“I won't assure that. What we are assuming is that debt-to-EBITDA ratio to come down and our comfort zone will be in the 2.5x.”
Parag Jhaveri, page 7 of the filed PDF · View the filing
Management said EV penetration is increasing but is not expected to be a threat to the lubricant business for the next 10-15 years, and other segments like data centers and solar are growing demand.
Answered by Parag Jhaveri
Asked by Rupesh Tatia: What is the risk from EV penetration to the lubricant additives business?
p. 8
“Yes, EV is increasing, but we don't see that case for next 15 to 20 years.”
Parag Jhaveri, page 8 of the filed PDF · View the filing
Management clarified Yasho is not structured as a CDMO but is open to cooperating with large-volume customers.
Answered by Parag Jhaveri
Asked by Chintan Shah: Is the company moving towards a CDMO-driven contract model?
p. 9
“Yasho is not governed for the CDMO kind of work. But we don't mind leveraging our capability to tie up with some big user who is looking to source large volume from Yasho, okay?”
Parag Jhaveri, page 9 of the filed PDF · View the filing
Management described significant delays in imports and exports, citing longer transit times and raw material availability issues.
Answered by Parag Jhaveri
Asked by Agastya Dave: Is there supply chain disruption due to the Middle East situation?
p. 11
“a lot of our imports are getting delayed, which generally typically takes 3 to 4 weeks, at times it's taking more than 8 to 12 weeks to get the product.”
Parag Jhaveri, page 11 of the filed PDF · View the filing
Management said the volume growth came mainly from the industrial segment, with a slight dip in the consumer side.
Answered by Parag Jhaveri
Asked by Karan Gupta: What was the breakdown of the 33% volume growth by segment?
p. 15
“Well, the maximum volume growth has -- our entire volume growth has come from industrial segment.”
Parag Jhaveri, page 15 of the filed PDF · View the filing
Management said there is a challenge sourcing sulfur but it remains available.
Answered by Parag Jhaveri
Asked by Nikhil Porwal: Is there an availability issue with sulfur?
p. 16
“There is a challenge. I won't say there is a problem, but there is a challenge to get what we need,but availability is there.”
Parag Jhaveri, page 16 of the filed PDF · View the filing
Risks flagged
Global specialty chemicals environment marked by price disturbance, geopolitical tension, supply chain volatility and cautious procurement
p. 3
“FY '26 was marked by a challenging global environment for specialty chemicals with price disturbance, geopolitical tension, supply chain volatility and cautious procurement trend impacting demand and pricing.”
Parag Jhaveri, page 3 of the filed PDF · View the filing
Delays in raw material imports and export shipments due to Middle East disruption
p. 11
“a lot of our imports are getting delayed, which generally typically takes 3 to 4 weeks, at times it's taking more than 8 to 12 weeks to get the product.”
Parag Jhaveri, page 11 of the filed PDF · View the filing
Petrochemical-linked raw material availability and pricing pressure
p. 12
“the challenge is because of the petrochemical challenges, a lot of raw materials are not available or available at a very fancy price.”
Parag Jhaveri, page 12 of the filed PDF · View the filing
Strong competitive intensity from Chinese suppliers
p. 14
“Strong, very strong. They are very, very competitive and they do come hard.”
Parag Jhaveri, page 14 of the filed PDF · View the filing
Slowdown in the European economy
p. 6
“No. One side, we see there's a slowdown in Europe and second time in some segment we see the good demand coming up to us.”
Parag Jhaveri, page 6 of the filed PDF · View the filing
Inability to pass on full raw material price increases to customers, pressuring margins
p. 13
“how much you can pass on to when the prices are increasing, our margins always come under pressure.”
Parag Jhaveri, page 13 of the filed PDF · View the filing
Challenge in sourcing sulfur
p. 16
“There is a challenge. I won't say there is a problem, but there is a challenge to get what we need,but availability is there.”
Parag Jhaveri, page 16 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.