• Event Type: Q4 FY26 Earnings Conference Call and investor interaction to discuss quarterly results and business outlook.
  • Date and Time: The call was held on Wednesday, 27th May 2026 at 03:30 PM IST.
  • Purpose: Discussion of Q4 and full year FY26 financial results, strategic updates, operational progress, and future growth initiatives.
  • Management Participants:
  • Mr. Ashish Bansal – Chairman and Managing Director
  • Mr. K. Kumaravel – Director Finance and Company Secretary
  • Mr. R. S. Vaidhyanathan – Executive Director
  • Mr. Vijay Balakrishnan – Chief Financial Officer
  • Mr. Pratik Gupta – Associate Vice President, Operations
  • Moderator: Ms. Sana Kapoor – Go India Advisors LLP
  • Financial Period Discussed: Q4 FY26 (January-March 2026) and full year FY26 (April 2025-March 2026).
  • Forward-Looking Statements: Management discussed Target 2030 aspirations focusing on 20% volume growth, 20% CAGR in revenue and profitability, maintaining EBITDA margins above 8%, and ROCE above 20%.
  • Compliance: The discussion included forward-looking statements with associated risks, but no specific UPSI disclaimer was mentioned in the transcript.

Financial and Operational Highlights

Record FY26 Performance:

  • Revenue: INR 2,939 crores (45% YoY growth)
  • EBITDA: INR 218 crores (102% YoY growth)
  • PAT: INR 139 crores (113% YoY growth)
  • EBITDA margin: 7.4% (212 bps expansion)
  • PAT margin: 4.7% (151 bps expansion)

Q4 FY26 Performance:

  • Revenue: INR 932 crores (80% YoY, 20% QoQ growth)
  • EBITDA: INR 61 crores (more than doubled YoY)
  • PAT: INR 38 crores (111% YoY growth)

Capacity Expansion:

  • Lead recycling capacity increased by 55% from 132,000 MTPA to 204,000 MTPA at TKD facility
  • Copper recycling capacity doubled to 12,000 MTPA in Q4 FY26
  • New 36,000 MTPA copper cathode plant approved with INR 200 crore investment (internal accruals)
  • Project to be implemented in 2 phases (18,000 MTPA each), Phase 1 commissioning by December 2026

Operational Metrics:

  • Lead production: 104,481 metric tons (11% YoY growth)
  • Lead sales: 100,727 metric tons (11% YoY growth)
  • Lead EBITDA/ton: INR 18,462 (39% improvement)
  • Q4 Lead EBITDA/ton: INR 19,739 (43% YoY improvement)
  • Copper sales: INR 673 crores (11x growth)
  • Copper EBITDA/ton: INR 39,896
  • Value-added products: 65% of lead segment revenue
  • Export contribution: 66% of total revenue

Financial Health:

  • ROCE: 17%
  • Cash conversion days: 53 days
  • Interest coverage: 20x (from 8x in FY25)
  • Net debt to equity: 0.17x

Guidance for FY27:

  • Capex: INR 180-200 crores
  • Lead volumes: 125,000-130,000 tons
  • Copper volumes: ~12,000 tons (including cathode production)
  • Lead EBITDA/ton guidance: INR 17,000-19,000
  • Copper EBITDA/ton (recycling): INR 35,000-40,000
  • Copper cathode EBITDA/ton: INR 60,000-70,000 (expected)

Dividend: Board recommended final dividend of INR 5 per equity share (100% of face value)

Additional Notes

  • The document contains the full transcript of the earnings conference call, including management presentation and Q&A session with analysts.
  • The company indicated that the negative operating cash flow was a point-in-time issue due to delayed vessel movements affecting receivables, with INR 120-130 crores received in early April 2026.
  • Management clarified that the plastic segment became PAT positive in March 2026 after unit relocation.
  • The company maintains hedged positions on copper and forex to manage volatility.