Event Type: The document is a regulatory filing containing the full transcript of the Q2 and H1 FY27 Earnings Conference Call, hosted by Wisdom IR.
Event Date & Time: The earnings call was held on Friday, October 30, 2026. A specific start time was not mentioned in the transcript.
Event Purpose: The call was held to discuss the company's Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026.
Earnings Timing: The call was held after the earnings announcement, which was filed with the stock exchanges earlier.
Management Participants: The call featured Mr. Atil Parikh (Chief Executive Officer & Managing Director), Mr. Nihad Baluch (Group Chief Financial Officer), and Mr. Praneet Shah (Senior Finance Controller). The moderator was Mr. Muthukumar K from Wisdom IR.
Availability of Materials: The company confirmed that the investor presentation was filed with the exchanges and is available on the company's website. The call was recorded, and the recording and transcript were to be posted on the company's website shortly after the call. A direct link to the transcript was provided in the filing.
UPSI Statement: The opening remarks included a standard forward-looking statement disclaimer, noting that some statements may be based on management's current expectations and are subject to risks and uncertainties. The company stated it does not undertake to update these statements publicly.
Financial & Strategic Highlights from Transcript
Financial Period Discussed: Q2 FY27 (Quarter Ended September 30, 2026) and H1 FY27 (Half Year Ended September 30, 2026).
Financial Performance: Consolidated revenue for Q2 FY27 stood at ₹238.16 crores, a YoY growth of 3.2% over ₹230.78 crores in Q2 FY26. Gross profit margin was 47.7% in Q2 FY27 (vs. 47.6% in Q2 FY26). EBITDA was ₹27.73 crores (11.6% margin), below ₹31.85 crores in Q2 FY26. PAT was ₹13.64 crores.
Cost Pressures: EBITDA was impacted by higher power, fuel, and freight costs. Furnace oil prices rose ~33% (impact ~₹1.34 cr), gas prices rose ~77% (impact ~₹0.62 cr), and freight per metric tonne rose 11% (impact ~₹2.92 cr), totaling a ~200 bps impact on consolidated EBITDA.
Strategic Themes & Guidance: Management emphasized a strategic shift from commodity products to specialty, value-added mineral solutions (functional additives), which contribute ~25% of revenue. The company is focused on improving product mix, margin stability (EBITDA margins historically between 12-14%), and return on capital. An 18% revenue CAGR was mentioned as a target over the next 2-3 years, though no specific FY27 guidance was provided due to market unpredictability.
CapEx & Projects: A ₹100 crore capacity program is underway, with ~30% (₹30 cr) already deployed. This includes ₹12 cr on captive solar and ₹7 cr on two mining acquisitions. A further ₹17 cr is planned for Q3 FY27, all for solar. The program is funded through internal accruals and selective debt.
Key Projects: A 9 MW captive solar plant (5.5 MW in Rajasthan, 3.5 MW in Gujarat) is targeted for commissioning in Q4 FY27. It is expected to meet ~40% of power needs and provide an annual EBITDA benefit of ~₹8 crores (~80 bps margin benefit). Captive talc mines (AP) and quartz/feldspar mines (Rajasthan) are expected to begin production from December 2026.
New Initiatives: The company is exploring new areas like high-purity quartz for semiconductors and has bid for the Government of India's PLI scheme for rare-earth permanent magnets (REPM). It is also developing its Minford business (mineral-based fertilizers).
Raw Materials: ~40% of raw materials are imported (from China, Malaysia, Vietnam), and 60% are sourced locally.
Additional Notes Section
Attachments: The regulatory filing enclosed the full transcript of the earnings call as an annexure.
Financial Data: The announcement itself did not contain new financial data but referred to results already filed with the exchanges. The enclosed transcript contained detailed financial figures and management commentary from the call.
Logistics: Dial-in numbers and access codes were not included in this transcript document.
