Financial Performance - Q1 FY27

  • Revenue from operations increased by 53.3% YoY to ₹472.2 crores in Q1 FY27 from ₹307.9 crores in Q1 FY26
  • EBITDA increased by 44.5% YoY to ₹92.3 crores in Q1 FY27 from ₹63.9 crores in Q1 FY26
  • EBITDA margin stood at 19.2% for Q1 FY27 compared to 20.0% in Q1 FY26 (86 bps decline)
  • Profit After Tax (PAT) increased by 42.9% YoY to ₹65.6 crores in Q1 FY27 from ₹45.9 crores in Q1 FY26
  • PAT margin stood at 13.6% for Q1 FY27 compared to 14.4% in Q1 FY26 (76 bps decline)
  • Cost of materials and services consumed increased by 56.4% YoY to ₹326.8 crores
  • Employee benefits expense increased by 17.8% YoY to ₹18.2 crores
  • Other expenses increased by 44.2% YoY to ₹44.6 crores
  • Other income decreased by 14.1% YoY to ₹9.8 crores
  • Finance cost was minimal at ₹0.1 crores
  • Depreciation decreased by 7.2% YoY to ₹2.0 crores
  • Share of net profit from joint venture increased by 59.0% YoY to ₹0.5 crores
  • Tax expenses increased by 56.1% YoY to ₹25.1 crores

Historical Financial Performance

Revenue Trends:

  • FY24: ₹1,221.7 crores
  • FY25: ₹1,397.7 crores
  • FY26: ₹1,276.0 crores
  • 3-year CAGR: -2.2%

EBITDA Trends:

  • FY24: ₹251.5 crores (19.9% margin)
  • FY25: ₹251.9 crores (17.6% margin)
  • FY26: ₹255.2 crores (19.4% margin)
  • 3-year CAGR: 7.4%

PAT Trends:

  • FY24: ₹179.4 crores (14.2% margin)
  • FY25: ₹180.0 crores (12.5% margin)
  • FY26: ₹180.2 crores (13.7% margin)
  • 3-year CAGR: 9.6%

Capacity Expansion and Capex

  • Ongoing capacity expansion from 75,000 MTPA to 100,000 MTPA
  • Capex of approximately ₹200 crores, fully funded through internal accruals
  • Commissioning targeted by September 2026
  • Optimal utilization of expanded capacity expected by end of FY28

Business Overview and Operations

  • India's leading manufacturer of Acrylonitrile Butadiene Styrene (ABS) and Styrenic Resins
  • Established in 1984 with strong legacy in engineering polymers
  • Operates two manufacturing facilities at Abu Road (Rajasthan) and Satnoor (Madhya Pradesh)
  • In-house R&D centre at Abu Road, modelled on Nippon A&L Inc.'s facility
  • Installed capacity: 75,000 MTPA
  • Product portfolio includes 80+ variants of ABS & specialty polymers
  • Serves diversified end-user industries: automobiles, consumer durables, electronics, healthcare, kitchenware
  • ISO 9001:2015 certification for quality systems

Strategic Joint Venture

  • Joint venture with Nippon A&L Inc., Japan since 2013
  • Provides access to proprietary technologies, formulations, and technical expertise
  • Enables shift from commoditized ABS to high-value specialty polymers
  • Access to globally recognized brands: Kralastic, Techniace, and Unibrite

Backward Integration and Manufacturing

  • Backward-integrated operations with in-house SAN and HRG production
  • Abu Road facility: Established 1990, produces High Rubber Graft (HRG) Powder for captive consumption
  • Satnoor facility: Established 2003, produces ABS & SAN Resins (52,000 MTPA SAN, 75,000 MTPA ABS)

Financial Strength

  • Debt-free balance sheet with zero financial borrowings
  • Consistent positive operating cash flows
  • Strong liquidity position with cash and cash equivalents of ₹441.7 crores as of FY26
  • Healthy dividend payout (~50%+)

Innovation and R&D

  • DSIR-Recognized R&D center at Abu Road, Rajasthan
  • Developed 17 new grades and enhanced properties of 12 existing grades
  • Successfully transitioned 20 new/improved products to commercial production
  • Created 112 new color grades with 1,500+ color portfolio
  • Active R&D projects include ASA-based weather-resistant materials, non-halogenated flame-resistant PC-ABS blends, and sustainable development using post-consumer recycled materials

Management and Board

Board of Directors:

  • Mr. B. M. Bhansali - Managing Director (Four decades of experience)
  • Mr. Jayesh B. Bhansali - Joint Managing Director cum CFO
  • Mrs. Taruna N. Kumbhar - Independent Director
  • Mr. Rohinton B. Anklesaria - Independent Director
  • Mr. Firdaus N. Pavri - Independent Director
  • Mr. Dilip K. Shendre - Executive Director - Projects

Key Managerial Personnel:

  • Mr. Rajendra Pratap Singh Raghav - Vice President - Operations
  • Mr. Kalpesh Patil - Deputy General Manager – Human Resource & Administration
  • Mr. Ashwin M. Patel - Company Secretary & General Manager - Legal
  • Mr. Mandar Kulkarni - Deputy General Manager – Global Strategic Sourcing

Industry Overview

  • Appliances and Automotive continue to dominate global demand for ABS resins
  • EV adoption accelerating consumption for lightweight, high-performance plastics
  • Market shifting toward specialty & colored grades with higher margins
  • Policy protection through monitoring of imports and potential anti-dumping duties
  • Import substitution theme with domestic players capturing 30-40% of demand currently met by imports