Financial Performance Highlights

Q2 FY27 Performance (Quarter Ended September 30, 2026):

  • Revenue from operations: ₹176.69 crores (vs. ₹119.91 crores in Q2 FY26), growth of 47.4%
  • Operating PBIDT (before other income and forex differences): ₹16.4 crores (vs. ₹10.68 crores in Q2 FY26), growth of 53%
  • Profit Before Tax (PBT): ₹12.79 crores (vs. ₹7.6 crores in Q2 FY26)
  • Profit After Tax (PAT): ₹9.52 crores (vs. ₹5.86 crores in Q2 FY26), growth of 62%
  • Dielectric films recorded revenue growth of 64% year-over-year
  • Sheets and cast film business recorded growth of 41% year-over-year

H1 FY27 Performance (Half Year Ended September 30, 2026):

  • Aggregate production volume: 19,218 tons (vs. 16,795 tons in H1 FY26), growth of 14%
  • Net revenues: ₹351.11 crores (vs. ₹264.81 crores in H1 FY26), growth of 32.6%
  • Total exports: ₹17.09 crores (vs. ₹9.39 crores in H1 FY26)
  • PBDT before non-operating forex differences: ₹36.7 crores (vs. ₹30.27 crores in H1 FY26)
  • Forex loss: ₹0.32 crores (₹0.78 crores unrealized)
  • Profit Before Tax (PBT): ₹26.51 crores (vs. ₹13.63 crores in H1 FY26)
  • Return on equity: 5.3%
  • Return on capital: 7.2%

Capital Structure and Dividend

  • Paid-up equity capital: ₹23.7 crores (unchanged during half-year)
  • Net worth: ₹729.39 crores
  • Dividend of ₹2 per equity share for FY 2025-26 paid on July 28, 2026
  • Total borrowings: ₹106.7 crores as of September 30, 2026 (vs. ₹111.81 crores as of March 31, 2026)
  • Repayment of non-current borrowings during half-year: ₹6.65 crores
  • ₹64.29 crores held in bank deposits of company and subsidiary pending utilization

Operational Updates

Capacity Expansion - Barjora Plant:

  • New dielectric film line commissioned in March 2026
  • Doubled nameplate capacity in India to 8,000 metric tons per year
  • Production on new line grew by 35% over previous quarter
  • Commercial ramp-up underway with film being supplied to customers in India and overseas
  • 3.5-micron film already approved by key customers
  • Company received three awards from ELCINA for quality, R&D, and environmental protection

Market Performance:

  • Dielectric film exports nearly doubled year-over-year
  • Gained market share in both plain films and hazy films segments
  • Refrigerator sheet and liners volume grew 26% in Q2 (vs. market growth of 8%)
  • Company on track to exceed ₹700 crores turnover if market sustains

Product Development:

  • Focus on ultra-thin, hazy, and semiraw films for power capacitors, EV systems, and railway applications
  • Developing films down to 3-micron thickness
  • Modal price of film around ₹470-480 per kilo
  • 3.5-micron film priced over ₹600 per kilo
  • 3-micron film expected near ₹900 per kilo

UAE Subsidiary Project:

  • Project broadly on track despite geopolitical conditions in West Asia
  • All key equipment at site and installed
  • Commissioning of utility equipment (electricity, gas, water) commenced
  • Located in Al Ghail area with no significant local disturbances
  • Commercial operations expected later during FY27
  • Subsidiary recorded loss of AED 1.73 million during half-year (pre-operative expenses)

Management Guidance

  • Expect to operate new Barjora line at 70-80% of rated capacity by Q4 FY27
  • EBITDA margins for different film types vary between 35-55%
  • Co-extruded business EBITDA expected to sustain in 5-7% range
  • Working capital cycles affected by global shipping uncertainties
  • No outstanding long-term borrowing for existing operations
  • Supplier credit (ECB) used for financing new Barjora line
  • No anticipation of equity raise for future expansions

Competitive Landscape

  • New competition entering capacitor films market
  • Market growth creating space for new players
  • Technical expertise, patience, and skill required for long qualification cycles
  • Company confident in competing with European and Chinese competitors

Raw Material Environment

  • PP resin prices volatile (shot up in Q1 CY26, down 20% in Q2 CY26)
  • Expectation of price increases again
  • Shipping uncertainties affecting raw material stocking decisions
  • Price pass-through to customers not yet fully realized

Future Outlook

  • Demand drivers: electrification, renewable energy, grid modernization, data centers, electric mobility
  • Aging capacitor film capacities in advanced markets creating opportunities
  • Internal work ongoing for Line 4 and Line 5 expansions
  • No dilution anticipated for subsidiary funding

Management Participants

  • C. Bhaskar - Managing Director
  • Girish Behal - Managing Director (Designate) & CEO
  • Himangshu Bakshi - Group Technical Counsel
  • Vinay Kumar Agarwal - President (Finance) and Chief Financial Officer
  • Kamal Sewoda - Company Secretary