Financial Performance Highlights

FY26 Full Year Results (Consolidated)

  • Revenue from Operations: ₹2,948 Crore, representing 13% YoY growth from ₹2,603 Crore in FY25
  • Gross Profit: ₹526 Crore
  • EBITDA: ₹320 Crore with EBITDA margin of 11%
  • Profit Before Tax: ₹274 Crore
  • Profit After Tax: ₹202 Crore, representing 9% YoY growth from ₹185 Crore in FY25
  • PAT Margin: 7%
  • Earnings Per Share (Basic & Diluted): ₹19.50
  • Tax Expense: ₹72 Crore

Historical Financial Trend

| Fiscal Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EPS (₹) |

| FY21 | 1,534 | 74 | 21 | 2.25 |

| FY22 | 2,227 | 128 | 55 | 5.82 |

| FY23 | 2,504 | 186 | 104 | 11.07 |

| FY24 | 2,431 | 282 | 182 | 17.56 |

| FY25 | 2,603 | 287 | 185 | 17.93 |

| FY26 | 2,948 | 320 | 202 | 19.50 |

Operational Performance

Capacity and Utilization

  • Total installed capacity reached 2,68,400 MTPA as of March 2026
  • Commissioned 30,000 MTPA new capacity in FY26:
  • 15,000 MT PVC facility commissioned in October 2025
  • Additional 5,000 MT HFFR capacity
  • Additional 10,000 MT PVC capacity
  • XLPE compounds facility in Rajasthan commissioned in April 2026 (will be recorded from Q1FY27)
  • Overall capacity utilization: 77% in Q4FY26

Product-wise Capacity Utilization (Q4FY26)

  • Antifab: 20,500 MTPA capacity at 83% utilization
  • PVC Compounds: 69,000 MTPA capacity at 49% utilization
  • Sioplas/XLPE/Semicons: 1,66,500 MTPA capacity at 89% utilization
  • Engineering Products: 2,400 MTPA capacity at 59% utilization
  • HFFR: 10,000 MTPA capacity at 64% utilization

Strategic Business Update

Battery Energy Storage Systems (BESS) Entry

  • New strategic move into Battery Energy Storage Systems sector
  • Targeting multi-phase BESS manufacturing serving utilities, C&I customers, and residential sectors
  • Phase 1: 5 GWh assembly plant expected by Q3 FY27 (third quarter of FY 2026-27)
  • Investment: ₹150-200 crore funded through internal accruals
  • Initial EBITDA margins expected at 6-8%
  • Revenue recognition to begin from 2HFY27 as a new business segment
  • Primary customers will be EPC players and storage integrators

Market Outlook for BESS

  • Global BESS market expected to grow from ~$56.3B in 2024
  • India's BESS capacity could reach ~208 GWh by 2030 (~$32B value)
  • Growth drivers include renewable energy integration, declining costs, and policy tailwinds

Balance Sheet Position

FY26 Balance Sheet (₹ Crore)

Equity and Liabilities:

  • Equity Share Capital: ₹10 Crore
  • Other Equity: ₹1,003 Crore
  • Total Equity: ₹1,013 Crore
  • Non-current Borrowings: ₹0
  • Lease Liabilities: ₹3 Crore (non-current) + ₹2 Crore (current)
  • Current Borrowings: ₹52 Crore
  • Trade Payables: ₹283 Crore
  • Total Equity and Liabilities: ₹1,444 Crore

Assets:

  • Tangible Assets: ₹279 Crore
  • Capital Work in Progress: ₹50 Crore
  • Right of use lease: ₹25 Crore
  • Inventories: ₹392 Crore
  • Trade Receivables: ₹554 Crore
  • Cash and Cash Equivalents: ₹43 Crore
  • Total Assets: ₹1,444 Crore

Credit Ratings

  • CRISIL A+/ Stable (Long-term)
  • CRISIL A1+ (Short-term)

Guidance and Outlook

FY27 Guidance

  • Revenue growth: ~13% to approximately ₹3,340 Crore
  • Volume growth: 15% to 2,31,000 MT
  • Sustainable EBITDA margins: 11%
  • Capex: ₹175 Crore
  • EPS: ~₹22.31

Long-term Targets

  • ₹5,000 crore Revenue target from Compounding business for FY30
  • Each gigawatt of BESS capacity projected to contribute ₹800-900 crore to topline

Management Commentary

Chairman and Managing Director Rajesh Kothari stated that FY26 was a "landmark year of execution" despite global macroeconomic turbulence, geopolitical headwinds, and softer trade sentiment. The company delivered 30% export growth despite Israel-Iran conflict disruptions from late February. The entry into BESS represents a "calibrated expansion into a structurally growing, policy-supported and scalable clean-energy segment."

Product Portfolio Overview

Ddev Plastiks operates in 5 high-growth categories with 200+ SKUs:

1. PVC Compounds: EBITDA margins 3-5%, used in packaging industry

2. XLPE Compounds: EBITDA margins 8-12%, ~50% market share in Sioplas and ~33% in XLPE compounds

3. HFFR Compounds: EBITDA margins 10-12%, among two producers in India

4. Engineering Products

5. Anti-fibrillation Compounds

Manufacturing Facilities

The company has 6 manufacturing units across West Bengal, Daman & Diu, and Dadra & Nagar Haveli with strategic coastal positioning for lower freight costs. World-class R&D supervised by expert professionals with joint initiatives with IIT Kharagpur and UICT (Mumbai).

Corporate Social Responsibility

  • Distributed balanced nutrition food to school students at Surangi
  • Nutrition supplement to TB patients in local communities
  • Planted over 500 trees at manufacturing units and schools
  • Eye check-ups for 600 persons with free spectacles distribution
  • Installed Solar Panels at Surangi Unit, reducing 80 MT carbon emissions per month
  • Total solar power capacity: 1.7MW through PPA

Investor Relations Contacts

  • Tanvi Goenka, Company Secretary: tanvi.goenka@ddevgroup.in
  • Arihant Bothra, CFO: abothra@ddevgroup.in
  • Saloni Ajmera, Go India Advisors: +91-99305 77801, saloni@goindiaadvisors.com
  • Selina Sheikh, Go India Advisors: +91-84338 18768, selina@goindiaadvisors.com