Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Acutaas Chemicals Ltd (NSE: ACUTAAS) Q4 2026 Earnings Call dated Apr. 30, 2026
Corporate Participants:
Abhishek Patel — Vice President, Strategy
Bhavin Shah — Chief Financial Officer
Analysts:
Rohit Nagraj — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, Good day and welcome to The Acutas Chemicals Limited Q4FY26 earnings conference call hosted by 361 Capital. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing Star then zero on your test on phone. I now hand the conference over to Mr. Rohit Nagraj from 361 Capital. Thank you.
And over to you sir. Please proceed.
Rohit Nagraj — Analyst
Thanks, Nailendra. Good evening everyone and thank you for joining us on Acutas Chemicals Q4FY26 earnings conference call. We thank the management for providing us the opportunity to hold this call. Today we have with us Accutas Chemicals management represented by Mr. Naresh Bhai Patel, Chairman and Managing Director. Mr. Abhishek Bhai Patel, Vice President Strategy and Mr. Bhavin Bhai Shah, Chief Financial Officer. I would like to invite Mr. Bhavin Shah to initiate the proceedings. Now over to you sir.
Thank you.
Operator
Thank you, Rohit. Good evening everyone. We are pleased to welcome you all to our earnings conference call to discuss Q4FY26 financials. Please note that a copy of our disclosure is available on the investor section of our website as well as on the stock exchanges. Please do note that anything said on this call which
Abhishek Patel — Vice President, Strategy
Reflects our outlook towards the future or which could be construed as forward looking statement must be reviewed in conjunction with the risk that the company faces. The conference call is being recorded and the transcript along with the audio of the same will be made available on the website of the company and exchanges.
Rohit Nagraj — Analyst
This call will be.
Abhishek Patel — Vice President, Strategy
Please also note that the audio on the conference call is a copyright model of Acutas Chemicals and cannot be copied, rebroadcasted or attributed in place or media without specific and written consent of the company. Now I would like to hand over the floor to our Chairman and Managing Director Mr. Naresh Patel for his opening statement.
Rohit Nagraj — Analyst
Over to you sir. Thank you, Bhavin. Good evening everyone. I hope you are. You are all doing well. I will provide an overview of industry and about our future strategies before handing over to Abhishek for detailed business updates. The chemical industry once again navigated turbulent conditions driven by the ongoing conflict in the Gulf region which has disrupted supply chain for key feedstocks and consequently pushed raw material prices higher. Tipping seals and vessel availability have also been affected.
We are closely monitoring how the situation evolves. On our part, our Procurement and operations teams have acted swiftly and we do not anticipate any raw material shortage that would impact our production continuity. On the demand side, momentum remains strong. New product inquiries continue to come in at a healthy pace while demand for existing products remain robust. We are working closely with our customers to ensure one time delivery and untraded supply through its period of market uncertainty during Sorry Turning to our strategic initiatives, I pleased to say that we are making strong progress on our journey to build a diversified multi vertical chemicals company in our battery chemical business.
The foundation is firmly in place. We have successfully commercialized our first two products and have a healthy pipeline of new products in development. We expect to bring two additional products to commercial scale in FY27 further strengthening our revenue visibility backed by long term customer contracts. In our semiconductor business, the product expansion strategy at BFC is clearly gaining traction. New products other than Harrier’s products are expected to be a meaningful contributor to growth in the coming year and we will continue building on this momentum to establish BFC as sizable business over the medium term on indycam, our South Korea joint venture.
While Abhishek will walk you through the CAPEX details, I am pleased to say that the RD center is up and running. We have already started sending samples to prospective customers, a critical step that we expect will significantly reduce our times to market. On the CDMO front, we continue to build a strong and differentiated pipeline. While commercialization in this business takes time, the ramp up one initiated tends to be steep and sustained. Overall, I believe that my FY28 sorry my FY28 are both businesses verticals which are in investment phase now.
Battery chemicals and semiconductors will be have evolving into independent self sustaining growth engines each contributing meaningful to our top line. Along with pharmaceutical intermediate business. This multi vertical model is central to our vision of building a truly diversified chemicals company. Turning to our financial performance for the year, I am pleased to report that we have continued our strong growth trajectory closing the year with revenue of rupees 1,339 crore and our highest ever PAT of rupees 356 crore.
These results reflect the strength of our business model and the disciplined execution of our teams. I will request Bhavin to take you through the detailed financial sorting. To Conclude, we enter FY27 from a position of stand with a clear strategy, a strong pipeline across all three verticals and a proven track record of execution. I am confident of delivering 25% revenue growth in FY27. With that I would now like to hand over to our vice President of Setegy Patel who will walk you through the detailed business update.
Over to you Abhishek
Abhishek Patel — Vice President, Strategy
Patel. Thank you Naresh Bhai. Good evening everyone. Let me take this opportunity to share further insight into our business performance for the quarter. Starting with Advanced Pharmaceutical Intermediate segment, this segment continued robust performance with revenue of 392.4 crores in Q4FY26 reflecting a strong year on year growth of 43.9%. Growth was primarily driven by CDMO business complemented by steady contribution from our core Advanced Pharmaceutical Intermediate segment. Here I would like to mention that our process of reshuffling portfolio was mostly over during first nine months and we have seen healthy growth in this business Sequentially moving on to the Specialty Chemical segment, Revenue for this segment stood at 40.3 crore during the quarter registering a steady year on year growth of 12.3%.
Our commodity chemical segment sub segment recorded degrowth during the quarter which was offset by strong recovery in BFC business. Now turning to a capital expenditure, capex for FY26 stood at 195 crore primarily directed towards the Jagadiya site for battery chemical project and then pilot plant at Sachin site and maintenance CapEx. Let me provide some additional updates on our CRE projects regarding the electrolyte additive CapEx at Jagadhya, the first phase of electrolyte CapEx is completed.
The second phase of CapEx is currently ongoing and expected to get completed by Q1FY27. Pilot Plant CapEx is slightly delayed due to delay in equipment arrival. It is now expected to get completed by Q2FY27. Apart from this, another major cash outlay during the year was our investment in South Korea joint venture Indicam Inc. We have invested 190 crore in this JV during the year FY26. Turning to our strategic infrastructure update, while Naresh Bhai has covered our key growth drivers in detail, I would like to focus on the infrastructure that will support and enable growth in the years ahead.
Our existing infrastructure is well positioned to support our growth through FY28. However, looking further ahead, we have already begun laying a groundwork for the next phase of infrastructure development which will underpine our growth over the next five to ten years. As immediate priority, we are embarking on ambitious expansion of our R and D center, one that will elevate it into world class internationally renowned facility. Purpose built to meet the demand of tomorrow’s industry with planned 10x capacity expansion.
The new center will feature dedicated sections spanning pharmaceuticals, battery, chemical, semiconductor, electronics and cosmetic etc. Each house has a distinct division under one roof, bringing together deep specialization and power of cross disciplinary innovations. This is a defining investment for our future designed to sustain our innovation pipeline and fuel long term growth in the years ahead. In parallel, we are actively evaluating land acquisition opportunities to develop new infrastructure that will support our long term growth ambitions.
Alongside physical infrastructure, a key pillar of strategy is deliberate migration of our portfolio towards higher value products. The first step of strategic reshuffling of our core advanced pharmaceutical portfolio has been completed. The next phase involves the systematic replacement of commodity chemical product with a higher value differentiated offerings. We’ll begin phasing out select commodity products this year, replacing them with a new product using same infrastructure with slight modification in calibrated phase manner.
Moving on as naresh by outline, we are guiding 25% revenue growth in FY27 on margins. While we remain mindful of the near term cost pressure stemming from global supply chain disruption, we are confident in our ability to maintain EBITDA margin at a similar level in the coming year, underpin our product portfolio upgrade strategy and improving business mix. I also want to highlight a key trend driven by our business cycle. Q1 is typically our weakest quarter with revenue steadily increasing sequentially till Q4 which is always the strongest quarter.
This pattern results in H1 contributing around 40% of our top line while H2 accounts for generally around 60%. With that, I will now hand over our floor to our Chief Financial Officer Bhavin Shah who will walk you through the detailed financial update. Over to you Bangbhai. Thank you Abhishek Bhai. I would like to briefly highlight the key performance metrics for the quarter and FY26 before we open the floor for questions, let me start with quarterly performance. Revenue from operations for the quarter reached 432.8 crore representing 40.3% growth.
YY gross profit for the quarter was 268.3 crore, so reflecting 83.8% increase compared to the same period last year. The gross margin expanded by 1416 basis point YoY to 62%. Gross margin was driven by improved product mix. EBITDA for the quarter was 183.5 crore which represent more than two fold increase compared to the EBITDA of same period last year. EBITDA margins were at 42.4% up 1487 basis point yoy. EBITDA margin was driven by expansion in gross margin as well as operating leverage. PET for the quarter was 134.3 crore up 114.1%.
YoY pet margins for the quarter were 31% which show which show an expansion of 1070 basis point YoY. Moving on the FY26 performance revenue from operations for FY26 reach 1339.4 crore representing 33% increase in YoY. EBITDA for the FY26 was 480.4 crore which is 2x compared to the same period last year. Paired for FY26 is at 356.4 crore which more than doubled compared to the same period last year. Moving on to the balance sheet item net cash and cash equivalent were at 198.3 crore. As on 31st March 2026 our working capital for the year increased to 120 days from 114 days there was some improvement in data and inventory days which was offsetted by lower payable days.
With that I request moderator to open the floor for questions. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their test on telephone. If you wish to remove yourself from the question queue you may press star. Entertainers are requested to use handhelds while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have first question from Rickenshah from Boring amc. Please go ahead.
Rohit Nagraj
Hi team. Congratulations on a fantastic set of results. I would just like first a little bit if you all can expand on the RD center that you all mentioned and you know what is the idea behind that going ahead. So thank you Rick and Bhai. The RND center which we are doing is for upgrading and enhancing our capability and capacity with our existing R and D center because our exogenic center is having capacity which can cater to all the requirement. But we are expecting lot more inquiries and more traction towards the new molecule.
So we don’t want to be remain out of capacity when it came. That’s why we decided to have a new expanded RNA center and this RNA center will be equipped with facilitating all the vertical in the chemical sector which we are capturing right now. So it is a design in a single complex with all multiple multiple outlets in the chemical sector.
Operator
Got it sir. Thank you so much for that. Another question.
Rohit Nagraj
So naturally you know if I see our Spec Chem or specchem business is not relatively grown as quickly as our advanced intermediate business and thanks to our marquee CDMO project the differential is far higher at this point. But going forward within even Within Advanced Intermediates per se, we have spoken about churning out lower margin products in Q3. So what is the base business looking like today and do we have any growth plans for the same for the next two financial years? Thanks.
Abhishek Patel
Basically as we mentioned we had some portfolio reshuffling for our pharma intermediate business acts of CDMO and that has yielded us both in terms of margin expansion. I have already mentioned during my commentary that after nine months of FY26 it has grown sequentially in Q4 FY20, Q4, FY26 and expected to go for grow further in FY27 as well. The volume wise that business has grown despite of being a flat in terms of revenue and obviously going forward we are expecting good kind of revenue expectation from our ex CEDMO CMO business.
Also now coming to your question related to intermediate sorry specchem business we have to understand that initially what the business we acquired through an acquisition of sites that business has grown in the range of 12 to 15% despite of some price reduction. But now this segment is expected to grow with additional revenue coming in from battery electrolyte, electric electrolyte additive space and that the plant has already been constructed and and the production has started. So this year we will have a very good exponential growth coming in from Spectrum business as well.
Rohit Nagraj
Got it. So within that let’s say in battery chem we had 10 samples and now we’ve completed our first leg of capacity expansion. So in terms of contributing you know a little bit meaningfully to FY27 maybe if we cannot give a number on today but do we have that sort of target or understanding inside that you know this that this segment will contribute meaningfully this year? I understand you have that sort of longer term vision of scaling this as a big business but in FY27 does this seem like a decent contributions?
Abhishek Patel
Definitely in FY27 it will have a meaningful revenue contribution. It will start slowly with Q1 and till Q4 it will keep on ramping and at the end of complete financial year FY27 we will definitely have a meaningful revenue contribution. I will not put it any number to it as of now because there are many variables but it will be a meaningful contribution.
Rohit Nagraj
Sure. Thanks. And are we taking any sort of contribution from the two new electrolytes we have added or this is just the you know two products we have discussed before.
Abhishek Patel
So as I mentioned the Capex is already going on for the third electrolyte additive product and which is getting completed by Q2 Q1 FY27. So once that gets completed it will also start contributing in the revenue. And the fourth product we are in the phase of business development.
Rohit Nagraj
Got it. Within. Within the CDMO piece we have now I think basket of five products other than you know the keep project that is going on today and we have been in the process of validation and approval with the innovators and originators. So yeah the longer term thousand crore guidance in CDMO for FY28 is intact. I. But within that obviously for FY27 do these four to five products also contribute something?
Abhishek Patel
Yes, definitely. As you mentioned those are all validated product and we are building it as good revenue expectation from these four products as well apart from the first product.
Rohit Nagraj
All right. And last question from my side reconcile
Operator
Sir please two questions per participants. Please
Rohit Nagraj
Get back
Operator
Into the queue sir. Thank you. Ladies and gentlemen. In order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to one or two per participants. Should you have a follow up question we would request you to rejoin the queue. We have next question from Bharat sir from BCS Capital Ideas Ltd. Please go ahead sir.
Abhishek Patel
Yeah. Hearty congratulations Naresh Bhai and the entire Equitas team once again very very
Operator
Robust delivery. I had only one suggestion to make. And which is in general the feature of Indian corporate sector per se. You see a lot of businesses which have been successful over a period of time but remain under invested in building the future by under investing into the innovation pipeline, under investment into research and development capability. In short, building the future software services businesses is an example of that. With huge cash flows but very limited investment into building the future technology.
And therefore the struggle is evident as we have seen. Similarly we have seen in consumer businesses in India which have been very successful but underinvested in the new consumer facing technology and the way of delivering. Even a lot of banks are under invested in technology to build it in the contemporary manner. Therefore Equitas which is displayed remarkable capability in a relatively smaller size of our operation. I don’t think we should remain limited in ambition by our current size if we want to build a future I think meaningful, intelligently, kind of planned within our balance sheet capability.
But sustained investment in building future is absolutely vital especially in our chemical business like this. Because otherwise the business will get commoditized at some stage. To kind of summarize, if you don’t want the business to be commoditized, investing into the future to build it is an absolutely very vital one. And we have done very well by taking up intelligent bets and we have to consolidate. So I think we shouldn’t get deterred by our current size in order to build our future which can be very exciting.
I thought I’ll just put in that word Naresh Bhai. But once again hearty congratulations. Very heart. I mean delightful results and entire team deserves the credit and congratulations.
Rohit Nagraj
Thank you Bharat bhai. It’s a good advice and it’s from the. And it is coming from the veteran. It’s really meaning to us. And if you remember if you find my commentary I said that we are going to be put up a new R and D center which will be versatile. It is not a conventional RNA center but it is a versatile RNA center which will be catered across the sector of the semiconductor, electronics, electrical battery, pharma, agro and cosmetics. So it’s a versatile R and D center with a different segment.
So you are rightly saying that we need to invest into the innovation. And this is what we do continuously. Initially we started with the conventional chemistry with flow chemistry which is successfully imparted and now commercialized. Then we enter first in India in the electrolyte then in semiconductor. So we continuously making ourselves learning and then going putting into the system and then executing it. So we taken serious not on that what you suggested. And in future we will keep in mind when we do any.
Any new things. Thank you very much. Absolutely. Pleasure and once again
Operator
Happy congregations.
Rohit Nagraj
Thank you sir.
Operator
Thank you. Next question is from Govit Goyal from Serene Alpha. Please go ahead sir.
Rohit Nagraj
Hi. Am I audible?
Operator
Yes, you are.
Rohit Nagraj
Good evening sir. And Congress. For a good set of numbers my first question is on the goodwill. Can you please
Operator
Elaborate on this increase in the goodwill happened in FY26 over 25. Specifically if this pertains to the Indicam which is. Which is a newly incorporated entity. I would like to understand what is the rationale for goodwill at this stage. And. And further can you also Clari give some clarity on. On. On the basis for which the management is showing the confidence on the. On the recoverability of this total goodwill of 104cr. So that’s my first question.
Rohit Nagraj
So when you talk about 104cr it is. It has a two part one module is which was created in the past that was towards the acquisition of our BFC business. And for the year there is a addition of around 48 crore in the goodwill. So when we have made an investment
Abhishek Patel
Of
Rohit Nagraj
190
Abhishek Patel
Crore in Indicam so the partner has bring in the capital that was at par value only. So for 25% which is there for our partner. So whatever we have paid 190 crore out
Rohit Nagraj
Of that 25% is going towards the goodwill in our books of account. Now since this is the investment we have made and we are very much confident that this business in coming years is going to do excellently well. There is a
Abhishek Patel
Valuation also attached to it basis, the future projection. So this has been correctly accounted as per the accounting standard guided by ici.
Operator
And regarding your partner with this jv what is the background of that partner? Like what kind of expertise they are bringing in? Because this JV is not having any revenue so far. So booking the goodwill means something which I’m not able to understand. Maybe they are bringing some tech. So can you please elaborate on that part.
Abhishek Patel
The first about the background of our partner. He has been working in this space for more than 30 years and he. So he is a veteran in this business. Understand the Korean ecosystem well apart from the international customer outside Korea like Taiwan and Japan. And he has assembled a good team of people coming from the production and R and D and regulatory side. So this is how we have joined hand with our partner. Your question related to goodwill. As Balbhai has mentioned for this DV all the investment, financial investment has been done by acuteas and we have given the 25% equity to the partner.
So that’s the reason we have to account 25% of those investment in the goodwill as per accounting standard. This is how it is going and as we mentioned we have a good confidence in our business with the projection on it and we see that definitely the goodwill is recoverable in future.
Operator
Got it, Got it. And sir, your revenue contribution from Baba Fine Chemicals has remained limited and now we are doing this JV with intemperance. So just wanted to understand from you how do the product offerings of indycam and Baba Fine Chemicals complement each other? Are there any clear synergies in the terms of products, in the terms of customers or maybe in the terms of end applications?
Abhishek Patel
We mentioned previously also for our semiconductor business we have two different stream of revenue. One is Baba Fine Camp business and then in Korea it is advanced stage product than what we offer in bfc. So these are complete and which is different from what BFC is manufacturing for Harriers. So these are a more value added product and a different stream of revenue.
Operator
Okay, so what kind of peak revenue are we anticipating? Maybe from the status of 400cr in indigenous
Abhishek Patel
We are expecting around 1x kind of revenue from this plant.
Operator
What kind of margin? Sir?
Abhishek Patel
It is very premature to say as of now because it is in a construction phase. But generally you can expect a good margin from semiconductor business as an industry you study,
Unidentified Participant
Maybe in line with your specialty. Please
Operator
Return to the
Unidentified Participant
Follow up. Only maybe in line with the specialty chemicals.
Abhishek Patel
No, no, obviously not in line of the traditional specialty. It should be in line of the BFC business.
Unidentified Participant
Okay, thank you. Thank you very much and all the best. Thank you.
Abhishek Patel
Thank you.
Operator
Thank you. The next question is from the line of Sunil Jain from Ambit Capital. Please go ahead.
Abhishek Patel
Hi sir. Am I audible?
Rohit Nagraj
Yes.
Abhishek Patel
Yeah. Congratulations on a good set of numbers. So I just have a couple of questions. So the first question from my side is can you give us some developments on the new CDMO products under progress other than the Fermion contract? And what can be the potential opportunity size of it? Okay, so obviously we have a long pipeline of CDMO products. But we have announced validation of four more products after the first one. And those are when we say validation, it’s a commercialized product already submitted to the customer.
And now it’s a process of getting regulatory approval from those customers. Once that gets completed, it will keep on going on large quantity. And in terms of revenue potential, we are expecting those product to be between 50 to 100 crore each. At a peak level
Operator
That’s 5200 crores each. Right?
Rohit Nagraj
Each.
Abhishek Patel
Okay. And the second question is that we have reported excellent ebitda margins of 42%. So can you tell us what was the EBITDA margin for specialty chemicals and advanced intermediates separately?
Rohit Nagraj
So for our pharma business for this quarter EBITDA margin is around 44% and for specialty it is around 13%.
Abhishek Patel
Sorry, it’s. Sorry, sorry.
Operator
It is for pharma it is 44% and for specialty it is 29%. Right,
Abhishek Patel
29. Okay. And just one more that are we planning to expand our Fermion capacity given the
Rohit Nagraj
Improved outlook by the innovators?
Abhishek Patel
So as we earlier also said that we have got good visibility for the from this particular CDMO contact and we have already built our capacity which can suffice those production requirements.
Rohit Nagraj
Understood. Thank you. That’s it from my side.
Operator
Thank you. The next question is from the line of Nikonj Gupta from AK Investment. Please go ahead.
Rohit Nagraj
Hello. Am I audible?
Operator
Yes, sir.
Rohit Nagraj
Yeah. Hi team. Congratulations for the great set of numbers. My first question is previously we had talked about semiconductor chemical shipment to Japanese and Korean customers. So has it already been charted?
Abhishek Patel
Yes.
Rohit Nagraj
Okay. And my next question is what Is the revenue potential from the semiconductor chemicals and battery chemicals business. Okay. Over the next three to five years. And also if you can put some light on EBITDA margins as well, that would be very helpful.
Abhishek Patel
For electrolyte additive business is a function of capacity what we have built in. And as of now the capacity for Electrolyte additive is 2000 metric ton for VC and FEC. So based on that you can see the revenue potential coming in from that business. And related to semiconductor business, that business has been going through some difficult phase in last financial year. But now it has recovered from Q4 onwards and it will continue to ramp up in future also.
Rohit Nagraj
Okay, thank you team and all the rest for the future.
Operator
Thank you. The next question is from the line of Sai Kumar from family fund. Please go ahead.
Abhishek Patel
Yeah. Hi sir. Congratulate on a great set of numbers. So my question is on the sir, this year you have consolidated yearly ebitda margins around 34.5% somewhere on 35.
Operator
So for the FY27 what kind of range you are expecting?
Abhishek Patel
So as I mentioned during my commentary also we are expecting similar kind of margin in FY27 also for us the margin is a function of product mix and we expect similar kind of product mix in FY27. That’s the reason we see that it should be in a similar range only.
Operator
Okay. Yeah, got it sir. And regarding this indicam jv so you
Abhishek Patel
Said like around end of FY26 you are going to commercialize the plant. So when can we expect supplies and do we need to go any validation
Operator
Phase for that molecules?
Abhishek Patel
And
Operator
When can we expect the commercial revenue from that Indicam jv?
Abhishek Patel
So as soon as the plant gets constructed, we will have a commercial production going on from the plant. As Naresh Bhai mentioned during his commentary that we have already started our RD center in indycam and from we have already started supplying the samples to the customer. So parallel by the time the CAPEX complete we should have some customer onboarding happening so it can make our process faster in terms of commercial production ramp up.
Operator
Okay. Yeah. And one last question. I see. I mean in the China you for the BYD shifting more of their
Abhishek Patel
Battery like from lithium to sodium ion. So what is the rescue see for that as shift coming for sodium ion batteries or else do you supply the molecules eligible for sodium ion battery technology as well?
Rohit Nagraj
Sodium ion battery is not new. It is started inventing seven, eight years back and it was now it is slowly, slowly maturing. Whereas lithium battery has still potential of next 10, 15 years. So it’s not that 100% replacement of sodium ion battery with lithium. So we are, whatever the we are targeting is even not a 1% of the demand. So for us is not an impact contrary. Whatever the new molecule which is coming into the electrolyte segment, there are some which is also going in this kind of area. But we can’t discuss based on the over contrast.
So it’s a confidential for us. But yes, whatever the segments are working in electrolyte battery area, either it’s a sodium or lithium or solid state battery. We are there, we are trying to resupply our molecule in that segment. Okay.
Abhishek Patel
Yeah. All right, sir, and one last question, sir. Thank you, sir. Okay. Yeah, I’ll come back. Please limit
Operator
Your questions to all.
Abhishek Patel
Yes, thank you.
Operator
Thank you. The next question is from the line of Jason Sones from IDBI Capital. Please go ahead.
Rohit Nagraj
Yes, sir. Thank you so much for taking my question. First question just 14 just wanted to know the capacity utilization
Operator
For the Sachin plant, the Jagadia plant and the facility
Abhishek Patel
For this quarter under review. Q4 utilization at Sachin plant is 75%. Unit 2 Uncleswar is 31%. And unit 3 Jagadiya is 50%.
Operator
Jagadia is 50%. Okay.
Abhishek Patel
Right.
Operator
And so I just wanted to also understand in terms of this, you said the EBITDA, EBITDA margin for specialty chemicals in this quarter is 29 right now generally the margins are quite low. I mean 15, 20%. That is the kind of margins we clock. So just wanted to know what is the reason for this jump.
Abhishek Patel
So Jason, we need to understand that chemical segment includes our traditional product as well as the semiconductor and electronic business. So for the quarter we have seen a very good growth in the BFC business which has
Rohit Nagraj
A very high EBITDA margin and which is recovering from Q4 onwards. So because of this we have seen a better margin in chemical segment.
Abhishek Patel
So basically that’s a mix of both traditional spectrum margin as well as the BFC product margin.
Operator
Okay. Battery chemicals also will be a part of this only, right? The specialty chemicals.
Abhishek Patel
Yes, it is part of this business only.
Operator
It is a part of this business. Okay. And just one question if I may just add on. So just, I mean I understand 2000 tons of the both products in the battery chemicals, electrolyte additive segment. Just wanted to understand what utilization are we looking at? I mean just you have long, you have those binded by long term contracts. So you would have some idea if you could give some color, whatever possible of what revenue we can look at. In. In the. In FY27. Yeah.
Abhishek Patel
Yes. So we have 2000 metrics and capacity for both each. And as we mentioned during last. Our last commentary also that this plant is fully covered back by the customer contracts for all the capacities in next three years time. I will not put in any figure around the capacity utilization expected in this financial year. But as I mentioned in during my first Q&A that it will production has already started and it will keep on. Keep on adding quarter by quarter from first quarter to fourth quarter and it will definitely have a meaningful contribution from electrogen additive space.
Rohit Nagraj
Sure. Thanks. I’ll join Bhagavat. Thank you so much.
Operator
Thank you. The next question is from the line of RJ Agrawal from Nimisha.com please go ahead.
Rohit Nagraj
Hello.
Operator
Yes sir, you are
Rohit Nagraj
So. Thank you so much for the opportunity and competition for great setups. So I had a question on CDMO business. You know we have a lot of these new businesses like battery chemicals and semiconductor chemicals that are scaling up. So. And we have guided for 25% kind of a growth for the next year. So are we anticipating any kind of slowdown in CDMO or. Basically if CDMO performs well then we can. We can supply on the upside.
Abhishek Patel
So we are guiding 25% growth with mix of all the vertical and over the total top line what we have achieved in 2000 FY26.
Rohit Nagraj
Got it sir. Got it. And so on the. On the margin side. So this. This CDMO business as a whole has a relatively higher margin, right? So this. This battery chemical business and our specialty chemical business on the other hand does not have that kind of margin profile. So to will it be difficult to maintain the current margin profile in FY27 or we will be able to do it with the current mix.
Abhishek Patel
So as I mentioned during my commentary also we are expecting similar kind of margin in FY27 because as I said the margin is a function of product mix. And we are expecting similar kind of margin in a similar kind of product mix in FY27 as well. So as as I mentioned there will be some meaningful contribution coming from electrolyte additive space. But there is a additional data coming from CDMO business also. So that’s the reason now we are expecting similar kind of margin.
Rohit Nagraj
Just one last thing on this. If you can just explain what do you mean by the mix will remain the same because the mix will change, right? Because you have new business that is entering this. This next.
Abhishek Patel
So as I said there is some portion of additional revenue coming from the Spec cam business because of battery add electrolyte additive segment. And there is a CDMO additional revenue also coming. So percentage wise it looks similar.
Rohit Nagraj
Got it. Thank you so much sir.
Operator
Thank you. The next question is from mehul Panchwami from 40 cents. Please go ahead.
Rohit Nagraj
Hello sir. Congratulations on the great set of numbers. My first question is what proportion of our growth in FY27 28 is backed by confirmed orders and long term contracts across CDMO and the battery segment. Battery chemical segment
Abhishek Patel
For CDMO business. As I mentioned for this customer first customer we have long term supply contact already in place for 10 years. So that’s a backed by good visibility from the customer. And on the electrode additive space also as I just mentioned we have already got customer contract in place and already signed.
Rohit Nagraj
Right? Sir, can you throw some light on because I’m new in tracking our company. You mentioned in one of the responses that we have a partner who is having 30 years of experience. So is it a firm or is it individual or can you just elaborate on the contract which we have signed with the entity?
Abhishek Patel
So that partner is. The contract which we have entered is a proprietary firm and the experience of that partner which I just mentioned during our Indicam business partner profile.
Rohit Nagraj
Okay. Okay. Okay. Thank you so much. Thanks. All the best.
Operator
Thank you sir. The next question is from the line of Krishan Pawani from SBI Mutual fund. Please go ahead.
Abhishek Patel
Yes. Hi sir. Many congratulations on once again a great set of numbers. Just two questions. First on the CDMO pipeline I believe you know we had certain products in the validation pages in the last quarters. And we expect them to commercialize in the first half of High 27. So we wanted to know has there been any update on these new products? Have we commercialized it? Yeah. So that’s questionable.
Rohit Nagraj
So these are already commercialized product because it is validation
Abhishek Patel
Matches are already supplied. Now it’s not in our hand or customer’s hand because it’s a regulatory approval. And we have already got some projection from the customer. So that’s the reason I’m saying in FY27 we will definitely have a revenue coming from other 4 CDMO as well.
Operator
4 CDMO.
Abhishek Patel
Right. Apart from the first one.
Operator
Okay. And the ramp up of those will be majorly seen in F28, correct?
Abhishek Patel
Yes.
Operator
Okay. And. And that. That’s great, sir. And secondly on the margins I believe Abhishek Bhai, you mentioned margins at a similar level. Similar level
Rohit Nagraj
As 4q or similar level to FY26. Similar
Abhishek Patel
Level as FY26. Q4 is 2mbps
Rohit Nagraj
Ambitious is good but okay, no problem. I mean 36% is also great.
Abhishek Patel
And just lastly if I may squeeze one more so this Baba Fine can I think Naresh Bhai in his opening remarks mentioned that there is a strong pickup that you expect over the next two to three years for the Baba Fine Ken. So you
Operator
Know are the things really picking up pace right now or what stage are we. So just some, some, some insights on that would be helpful.
Abhishek Patel
So just we mentioned that in Q4 the Spectim EBITDA was 29 driven by the very good recovery in business of Baba Finecam in Q4. So that’s, that’s a sign of already recovered business for BFC and we have similar kind of visibility for FY27 as well.
Rohit Nagraj
Okay, okay. And and I believe you don’t need to do a large capex for the BFA because I think you didn’t mention in the plan. So is that correct?
Abhishek Patel
Yes, that’s correct.
Rohit Nagraj
Okay, thank you so much for wish you all the best.
Unidentified Participant
Thank you so much.
Operator
Thank you. The next question is from the line of Heman as individual. Please go ahead
Bhavin Shah
Sir. Thank you for providing me the opportunity and congratulations on a very good set of numbers. Sir, what I understand is that since you have guided for 25 kind of revenue growth in FY27 so I think the main contributor will be the electrolyte additive division. Right. So if I take a little longer view maybe from FY28 and all what can be the growth drivers for the company? Sir,
Abhishek Patel
No, it’s not only electrode additive which would be driving growth for FY27. Both our pharma intermediate business is also it also growing very fast and that is the biggest engine for us for the growth. And then slowly, slowly this additive business is also taking charge of our growth. And then we have a battery sorry semiconductor business picking up first started with DFC and then maybe in next two to three years time it should be from indycam as well. So there are three different growth engine which is driving our growth for next three years.
Bhavin Shah
So can we expect a similar kind of run rate? Sir, I think we had earlier mentioned the 25% kind of revenue growth till FY28 I guess in one of the previous con calls. So can we expect the same?
Abhishek Patel
Yes, we have already always guided that we are growing 25% growth. That’s our history for more than a decade and these how we guide the market also going forward also.
Bhavin Shah
So any other major capex lined up and what is the Contribution from CDFO CDMO side Because I think we have a guidance of thousand crores of revenue from CDMO by FY28.
Abhishek Patel
Yes that is the guidance correct. And on the capex side I have already mentioned that for next year our capex will be the sum of the spillover of FY26 capex which is around 50 crore and around 40 crore will be from maintenance capex and then there will be capex around the R D center and land but the figures are yet to get finalized. We will update at a relevant times
Bhavin Shah
So no major growth capex.
Operator
Thank you. We have follow up question from from LDBI Capital please go.
Rohit Nagraj
So thank you for taking my question again. Right. I just wanted to you know ask you on the this
Operator
Indicam acquisition. I’m sorry the Indicum investment has been done and but earlier in the last con call you had guided for that the facility will be on stream by the start of CY27. Is that plan on or has it been delayed or something like that?
Abhishek Patel
No it is the plan is on in fact it will it will be even earlier than what it was guided. So as I said it should get completed in second half of calendar year FY20 calendar year 26.
Operator
Okay and sure and sir about the Capex you just mentioned some spillover capex of this year so basically probably around 100 crore odd number for 27 capex should be fine and after that for the R D center I know you would need to firm up those numbers so 100 crore odd for 27 would be okay that would be a good figure.
Abhishek Patel
So that is already planned capex and then as I mentioned the R D and any other Capex we will update as and when it gets it gets finalized.
Operator
Okay and so just lastly wanted to know so this of course we know the Permian contract is doing very well and sir I mean the numbers are there 5 billion dollar kind of peak revenue potential by the next 3 to 4 years. So just on the ground how do you see this contract ramping up? Just wanted to get some color on from your side. How is it doing label extensions etc? How do you see the contract ramping up for you?
Abhishek Patel
So those things are already available in the presentation of Bear as well as Fermi on contract and sorry for you on presentation and they have also guided the market about the growth of those products So I think being their primary supplier we should be the beneficiary of those business and we all we have already guided the market that how the business is going on and further expected to ramp up in FY27 and going forward as well.
Rohit Nagraj
Okay, sure. Thanks.
Abhishek Patel
Thank you so much sir for answering all these questions. Thank you so much.
Operator
Thank you. The next question is from dhara Gunatra from ValueQuest. Please go ahead.
Unidentified Participant
Thank you for taking my question. Sir. Just follow up on the previous participants. You mentioned that there is a 50 crore spillover of capex that will be done in FY27. What is this 50 crore spillover sir? What is this
Abhishek Patel
Capex of electrolyte additive? The pilot plant.
Unidentified Participant
Additive and pilot plant. Okay. Thank you sir.
Operator
Thank you. The next question is from the line of Shankit Mittal, individual investor. Please go ahead.
Rohit Nagraj
Yes sir. Thank you for the opportunity and congratulations for a great set.
Abhishek Patel
Thanks.
Operator
Mr. Ankit Mittal, we are unable to hear you.
Rohit Nagraj
Yes, can you hear me now?
Operator
Yes, you are audible. Please go ahead.
Rohit Nagraj
Yeah, so I was asking for the first question and that is regards to the revenue growth guidance. So as you mentioned in the last questions reply we already know about the Fermion project and the growth guidance given by Bayer which is for 50% growth in calendar year 2026. Given that we have that outlook from there. So and also we have this electrolyte business coming up in this financial year. So wanted to know if we are being conservative in giving this 25% revenue growth guidance for this year and would it be like if all the things remain in good condition for with respect to this fund we might have an opportunity to revise this guidance later in this year.
Abhishek Patel
We have always guided the market about 25% growth CAGR and that has been our history and we would be happy to revise our guidance if that business potential goes beyond those 25% at a relevant stage of this financial year.
Rohit Nagraj
And secondly on the seasonality of the business which you mentioned in the introductory remarks which is 40% in the first half and 60% in second half. But with this Fermion contract this year which is already being ramped up to a decent size, do you think that seasonality will reduce this year? And I mean the Q decline which we usually see in the first quarter. That might be limited this year given that the kind of growth we are seeing in that project.
Abhishek Patel
Yes, that is also expected in FY27 as well
Rohit Nagraj
And expected meaning in Q1. I mean wanted to check if I mean the usual seasonality will there because usually we see 2030 revenue decline Q&Q in Q1. But given that the significant ramp up of Permian project
Abhishek Patel
Was there in FY20 for 25 and FY26 as well. And the both here has shown the similar kind of revenue trajectory Q4, Q1 to Q4. And that’s our history for more than that.
Rohit Nagraj
Okay. Any particular reasons why we see it? Because we don’t see similar. I mean seasonality. When we look at the numbers from Orion or Bear. Any particular reasons why we see it at acute level? Sir, this is my company history is that we have always. Q1 is lower than Q2, Q2 is lower than Q3, Q3 is low in last 15 years is like that. We are not only dealing with Permian, we have more than 600 customers. So each customer has different requirement, different time and we have more than 100 products. So it’s a.
It’s my company, my company’s seasonality and working like that. I’m not representing from here. Thank you. Thank you. Thank you.
Operator
Thank you ladies and gentlemen. Due to time constant we will take this as a last question. I now hand the conference over to management for closing comments. Over to you sir.
Rohit Nagraj
Thank you 361 Capital team for hosting our first call. We appreciate everyone’s questions and hope we have addressed most of your queries. If we miss any of your questions, please reach out to our investor relations team and we will get back to you. Once again, thank you very much and good evening to all of you.
Operator
Thank you. On behalf of Acutas Chemicals Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.