DMCC Speciality Chemicals Ltd (NSE: DMCC) Q4 2025 Earnings Call dated May. 08, 2025
Corporate Participants:
Abhishek Mehra
Bimal Goculdas — Chief Executive Officer
Analysts:
Yash Parikh — Analyst
Yashvi — Analyst
Ankit Gupta — Analyst
Amar Maurya — Analyst
Rajat Sethia — Analyst
Siddharth — Analyst
Rohit Ohri — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4FY25 earnings conference call of DMCC Speciality Chemicals Limited hosted by TIL Advisors. 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 touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Mehra from TIL Advisors. Thank you. And over to you sir.
Abhishek Mehra
Thank you Dusujo. Welcome everyone and thanks for joining this Q4FY25 earnings conference call of DMCC Specialty Chemicals Limited the investor updates have already been uploaded on the stock exchanges and on the company website. In case you do not have a copy of the same, please feel free to reach out to us to take us through the discussion we have with us from the management team, Mr. Bimal Gokuldas, Managing Director and CEO Mr. Sunil Goyal, Chief Financial Officer. And Ms. Sonal Nair, company Secretary and Compliance Officer. We’ll be starting the call with a brief overview of the business and the financial performance which will be followed by the Q and A session. I would like to remind you all that everything said in this call reflecting any outlook for the future which can be construed as a forward looking statement must be viewed in conjunction with the risks and uncertainty that the company faces. These risks and uncertainties have been mentioned in our annual report. With that said, I would now like to hand over the call to Mr. Bimal Gokuldar. Over to you sir.
Bimal Goculdas — Chief Executive Officer
Thank you Abhishek and welcome to all the investors who’ve taken the time to join this conference call. I’ll be speaking a little bit about the Q4 and the full year 202425 financial results and after I give an introduction I’ll be happy to take questions from anybody. Also, I would like to add that we’ve had a pretty good year overall. It’s been in terms of the last quarter it’s been 125 crores in top line and profit after tax of 6.47 crores. Whereas for the full financial year it’s 430 crores of top line and 21.5 crores of profit after tax.
I’m sure all of you have had a chance to look at the results in some detail. For the full year we’ve had EBITDA margins of about 13.5%. If you compare it to the previous year, it may not seem much of an increase. But I just point out that in the last year and particularly Q4 of last year, we had profit on the sale of some investments which was to the tune of about 8 crores before tax. So that needs to be factored in when you’re comparing last quarter, the same quarter of last year, with this year’s Q4.
So a little bit about our business. I’m sure you know that we are into bulk as well as specialty chemicals and overall the situation has been better than the previous two years with one major exception being the European markets. You all know how Europe has struggled with the increase in cost, particularly that of energy. And several chemical companies have reduced their production in Europe and there’s really not much expansion happening. So we’ve lost some of our expansion. Exports to Europe as well, not to competition but basically the consumption of those materials in Europe has come down. So apart from positive changes in the domestic consumption in India and particularly in the boron business where we’ve had some good growth, the export sales and that constitutes mostly specialty chemicals has taken a hit because of the EU market conditions. In terms of our debt and things like this, we are quite comfortably placed. We are repaying debt and our long term borrowings are now below 60 crores. Working capital position is quite comfortable and all our major investments that we had planned have been made. So we are not envisaging any major capex at this time. The other couple of things I would like to add is that you are all aware of the tariff situation as far as the US is concerned and while India is working towards negotiating a trade agreement, we’ll see what happens on that. But as far as our products are concerned, there don’t appear to be too many producers in the us. Therefore we don’t expect any impact of the tariffs and if the tariffs do come into play, we will be in a position to pass them on to the customers in the US as all our competition as well will face the same tariffs or higher tariffs. One of the potential threats to our profitability as mentioned in the report, is the upcoming commissioning of a large copper smelter in Kutch. And that is expected to happen sometime later this year. Exact dates have not been announced but that is expected to put some downward pressure on the sulfuric acid market. And while it may mainly affect northern Gujarat and things like this, we do expect a trickle down effect all over the country. And the latest situation after the terrorist attacks in Palgam remains to be seen. It’s an ongoing. Development. But we are confident that the Indian government will have considered everything when making the moves. So with that I’d like to open up for questions.
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 down and one on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Yash Parekh and individual investor. Please go ahead.
Yash Parikh
My question is on the capacity utilization level. Earlier you had mentioned that.
Bimal Goculdas
Can you. It’s not very clear what you’re saying. Could you come closer to the mic or speak a little loudly please?
Yash Parikh
Am I audible now?
Operator
We are unable to hear you.
Yash Parikh
Am I audible now?
Operator
You need to be more loud. Sir.
Yash Parikh
Yes. My question is on the capacity utilization level. Earlier you had mentioned that current capacity we go up to 500 plus top line on a quarterly run rate. We are already there. Is it because of the jump in realization or we are operating at optimum capacity?
Bimal Goculdas
Yeah, so that’s a good question. We are seeing that growth in the top line as a combination of price increase as well as volume increase. We haven’t come close to achieving full capacity utilization in our plants as yet. But we made progress over the previous year. And you are right. The increase in realization also has had a positive impact on the top line.
Yash Parikh
And sir, about those Nago. And about the smelter capacity coming on stream in the current financial year. Could you please share some details? As someone new to the company, I couldn’t. You know the connection between smelter and sulfuric acid. Can you please help me understand the same?
Bimal Goculdas
Yeah. The exact amount of sulfuric acid is not very clear. But it will be in a couple of thousand tons per day at least. We don’t know the exact date it will start, but it is imminent. And the correlation is that copper smelters. Have a byproduct of sulfuric acid and they can have this without burning sulphur. So when sulfur prices are low it doesn’t matter that much. But when sulfur prices are high all the sulfur based sulfuric acid plants are at a disadvantage compared to the smelter based sulfuric acid plants.
Yash Parikh
Okay sir, and in your commentary you already mentioned about the that you are not planning any capex. But don’t you think it’s the right time as the debt is going down and interest cost is going down and it takes around like one to two years for the capex don’t you think it’s the right time to evaluate the capex?
Bimal Goculdas
So yes, you’re right. What I said was that no major capex doesn’t mean we are not going to do anything at all. We have a plan of about 10 to 15 crores but nothing major compared to what we have done. The major expansion at Dahej which happened over the last few years we have nothing like that plant. And what we will do is as we increase our utilization of the multi purpose plants when we find that there is any particular product which is mature we will take it out of there and we will put it into a dedicated plant. In which case we’ll come back to the board and to the shareholders for the necessary capex.
Yash Parikh
And the last one on the R and D pipeline. It’s been a long time since we have heard from you about the new products in the pipeline. In the presentation you mentioned about the cell phone from a while now. Can you please elaborate a little bit on the R and D initiatives and the new products in the pipeline that will drive the growth of our company in future.
Bimal Goculdas
Yes, so we are working on several niche products and you know it’s competitively not to our advantage to specify which products are going to be our focus but they are within the sulphur and boron chemicals specialty space, I can mention that much. And they are similar chemistries to what we are already doing and within our multi purpose plants we are able to meet the requirement of the customers at this time and of course we expect we are continuing to invest in R and D and in the market development and as they come to come to that level we will then be able to share more information.
Yash Parikh
Okay, thank you very much.
Bimal Goculdas
Thank you.
Operator
Thank you. Participants who wishes to ask a question may press. And one, the next question is from the line of Yashvi from Molecule. Please go ahead.
Yashvi
Hello. Yeah, am I audible?
Operator
Yes,
Bimal Goculdas
Yes.
Operator
And one, the next question is from the line of Yashvi from Molecule. Please go ahead.
Yashvi
Hello. Yeah, am I audible?
Operator
Yes,
Bimal Goculdas
Yes.
Yashvi
So my first question is given the planned, planned shutdown in Q4 at Bahir, could you please help us quantify the loss of the business and also if you could give us an idea on the potential impact that will that it will have on the Q1 and the philanthropy performance?
Bimal Goculdas
So we are operating two plants, one at Dahej in Gujarat, one at Roha in Maharashtra and the anchor plant at both locations is a sulfuric acid plant. So when this plant is shut down, most of the site also has to shut down. At Dahij we had a smaller shutdown because it was spread across a little bit a few days in the previous quarter, which is Q3 and about 10 days in Q4. So you could say we lost 10 to 15 days production out of possible 90 days production during that particular quarter.
And we have a shutdown in Roha in Q1 of 2526 and that will be a slightly longer shutdown. That is about 20 days to 25 days total shutdown time. So the corresponding impact on production and sales will be seen.
Yashvi
My next question is that you, in your comments you mentioned that there’s a compression in the EBITDA margin due to the sharp increase the sulphur prices. So like as you said, you pass on the increase in the cost of the specialty chemicals, but it’s fair to assume that the profitability in specialty chemical side would be back to normal from the current quarter.
Bimal Goculdas
Yes, we do pass on for most of our large volume contracts we do pass on all the raw material changes plus and minus what happened in the previous quarter is an unusual jump in the sulphur price which will get reflected in the contract pricing in Q1 of this financial year. So we will be able to pass it on and normally it’s not this much so it doesn’t reflect like that. But this time it was substantial. So I think 40% or so was a change in the price just across the last few months.
Yashvi
Okay, sir. And since the past four, five consecutive quarters you’ve been giving positive commentary on the boron business and the development. It would be really helpful if you could give some more details as what progress we’ve made in the new downstream products and how much of the capex are we planning further in the segment.
Bimal Goculdas
Yeah, so in terms of the overall business, you know, the boron business achieved good growth. We had about 100 crores in sales for the boron business in the past year and most of our capex investment has been done. So what we’ll do is incremental investment or debottlenecking, that kind of thing, no substantial capex needed.
Yashvi
Okay. And if you could let us know the profitability of this segment like the specialty margins or the commodity margins.
Bimal Goculdas
So we don’t particularly give out the margin percentages, but suffice to say that the specialty chemical business in general has a higher margin than the bulk chemicals.
Yashvi
Okay. And the last question is Europe has always been the largest export geography for us and we’ve been hearing a slowdown and negligible demand from Europe. So in these last two years that we’ve thought of strategically shifting our focus to some other geography or are we waiting for the things to turn around like all the shutdowns that we’re doing and shutting the capacity? Is it a cyclical thing or a structural thing that we’re doing and how does that impact, or what are we doing that would reduce the impact of the negligible demand to others?
Bimal Goculdas
Yes, again, good question. So we could see the European demand coming down and particularly impacted by the increasing cost not only for energy but for everything else as well. And we are looking at, and we have been active in developing new markets, so we are making some headway in Latin American countries where we have seen decent growth. And we are also selling some products into China which we were not doing earlier. And while both of these have not yet made up for. The loss of the European business. We believe that over a period of time it will get substituted. And to answer your question about whether the drop in European demand is temporary or more permanent, it requires a change in the complete thought process of the Europeans. You know, they need to decide to protect their industry and to support manufacturing within the eu. While we have heard, you know, that the industry itself is asking for some kind of level playing field, some kind of protection, some kind of subsidies, so far we don’t believe anything has happened. Of course, I’m no expert on European chemical policy but we believe that sometime they will have to take some stand. As you know, China is supporting its industry in a very big way. Not only on the capital side but also on the OPEC side and on the export subsidies. So that way if you just let things be, then they will take over everything. But I’m sure that, you know, good counsel will prevail and the Europeans will take steps to revive their industry.
Yashvi
And just a follow up question on that. What are we expecting from the Latin America or the China side? As you said, we are moving forward to shifting the geographies and focusing on other geographies as well. So what sort of growth are you expecting from these two regions? And by when do you expect the European laws to be fixed by these two regions?
Bimal Goculdas
So I don’t give forward looking projections but I can tell you that we are working on it. And perhaps at this time next year we would be able to review this year’s performance.
Yashvi
Thank you sir.
Bimal Goculdas
Thank you.
Operator
Thank you. Ladies and gentlemen, to ask a question, you may press star and 1. The next question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead.
Ankit Gupta
Thanks for the opportunity, sir. On both the plants, Rohan, the H. If you can talk about on the specialty side, how much is our capacity utilization? So this quarter we are at a run rate of around 52 crore for the quarter. So how much room is there to increase it further given. The realizations remain where they are. You know, adjusting for some sulfur price increases that we. That we intend to pass on in this quarter.
Bimal Goculdas
Yeah, so we are at about, you know, depends on product to product. We are at different percentages but on the average I would say we are between 50 to 60% in our specialty chemicals business. In terms of capacity utilization
Ankit Gupta
And in terms of room, let’s say we taking the average of last year so around 50, 52 crore is our revenue from the specialty. So 200 to 210 kind of revenue is what we are generating annually at current capacity utilization. So from there let’s say if the demand increases then some of our new products also take off. So can this reach around 280, 300 crore kind of revenue? When you reach at optimum capacity utilization from the specialty segment,
Bimal Goculdas
Certainly it can grow. I won’t project a particular number but we have enough headroom and we have enough space available within our existing plants. And in terms of reactor capacity etc. We have available sufficient to double our current sales of specialty chemicals.
Ankit Gupta
Okay, so you can even touch 400 crore is what you are saying?
Bimal Goculdas
Yeah.
Ankit Gupta
Okay. Okay. On the margin front if you the decline despite high sulcuric prices was primarily because of the increase in suffer prices on the specialty side, is that the right conclusion is as per the commentary,
Bimal Goculdas
That is one thing. But if you compare to last year, remember I said that there was an 8 crore profit before tax on sale of shares. So then if you minus that
Ankit Gupta
Looking at operating performance there has been improvement on a Y O Y basis. There has been significant improvement in fact on a Y O basis. But on Q and Q basis we have seen some decline in the margins
Bimal Goculdas
That is because of sulfur.
Ankit Gupta
Okay, okay, okay. On you know this on the boron side we have been like your commentary has been positive for quite a few quarters now. So if you can tell us, you know exactly how do you see this business scaling up? If you can give a broad indication of how much is it contributing currently to the revenue and how has been the growth in this segment in FY25 and how do you see this segment going over the next year or two.
Bimal Goculdas
So there we have a little bit of headroom for growth but if we. Not more than 20, 30% headroom. And then we’ll have to make some further expansions. But our idea is not to expand in the bulbs business anymore, but to look at specialty products. And once you get into specialty products, then it doesn’t matter whether they are sulphur based, Boron based, etc. We look at them as a separate yardstick itself. So we will, we’ll consider that as just another specialty chemical.
Ankit Gupta
Currently the entire boron field is through commodity products.
Bimal Goculdas
Not entirely, about 70% or so is the commodities.
Ankit Gupta
Okay, okay. And how much is it contributing to our overall revenues? Borons,
Bimal Goculdas
I’d have to check, but roughly about a hundred crores, 90 to 100 crores, something like that.
Ankit Gupta
Okay, okay. And how do you see this segment room for us?
Bimal Goculdas
So it is a mature segment. As I said, we don’t expect too much growth in, in the base chemicals, but in the specialties there’s opportunities in both domestic and export markets which we are evaluating.
Ankit Gupta
Okay, okay. On the margins front, given how things are currently like, can we assume that, you know, on a steady state basis it’s not, you know, 18, 20%, but 15, 16% margins is what we can look for the company to do on a steady state basis?
Bimal Goculdas
No, there’s no such thing. And I don’t like to give forward projections. So we, you know, this, it’s not a business where, you know, because we are still heavily dependent on commodities, very difficult to project future margins. So, you know, and too many fluctuations, too many variables at any given time and becoming more and more variable every day, as you can see. So even in good times I don’t give projections. So certainly in these times I’m not going to.
Ankit Gupta
The new product launches. If you can talk about, you know, how many products we launched and FY25, how has been their performance, how has been their acceptability? How do you see this product scaling up in FY26, 27? And what are our plans for launching new products in the next two years?
Bimal Goculdas
Yeah, so you know, we have different stages of product introduction. You know, first is doing the R and D itself to develop new processes. The second is to do the test marketing. And finally it’s through the commercial scale selling. So in terms of that we have three products. Which we have done commercial sales. But it’s still not become mature products. And we expect that it can vary from product to product. So we don’t like to give, you know, I can’t tell you when it’s going to become a regular product. But we are making them in multi purpose plants. And so far had, you know, all of them go through hiccups in terms of product testing. The customers will come back with new requirements on quality. Then we’ll make the changes, we’ll go back to the customer, things like this. So then even the commercial trial the customer will take with their product and get approval from their customer. So these are all long timeline items. And we expect that the products which we recently launched will get fully accepted in this current year. And in this current year we develop some new products which we’ll take up in the next year for commercialization.
Ankit Gupta
Okay. Do expect some of them have a potential or the market size to reach, you know, 30 to 50 crore on an individual molecule basis?
Bimal Goculdas
Yes, the market potential is there. But if you ask me when we will reach etc, I can’t answer that.
Ankit Gupta
For three products we’ve launched last year, FY25, 26 and 27. How many products are you planning to launch on sulfur, cell phones or even boron side?
Bimal Goculdas
Difficult to say right now. But as soon as they are launched in the next conference call we’ll be able to tell you.
Ankit Gupta
Okay. Okay. Thank you.
Bimal Goculdas
Thank you.
Operator
Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Amar Maurya from Lucky Investment. Please go ahead.
Amar Maurya
Thanks a lot for the opportunity. Sir. What would be our volume growth in specialty as well as into bulk chemical in this year?
Bimal Goculdas
So in the bulk chemicals, you know we are practically running at full capacity. So even last year we would be. We would have run at 90% or 95% capacity. And that continues in this year as well. So it’s not. There’s not much change in the volume of the bulk chemical. But main change is in the volume of the specialties. And while we don’t publish individual product numbers or anything like that, but you can say at least 15. 20% jump in the specialties.
Amar Maurya
Okay, but sir, as you said that you are already operating at a 90% utilization. So basically the 30. Yeah, 30% growth in overall revenue. So you are saying 12% would be this. So 18 is largely a pricing growth which we had seen in this particular whole year.
Bimal Goculdas
So it could be. I have not done that math but and it changes from product to product. So you know in the. When sulphur increases, sometimes you’re able to pass on the price to the customers. In the bulk chemicals, sometimes you’re not able to. And in the specialty generally you are able but there’s always some lag of like a quarterly basis.
Amar Maurya
Okay, and what would be our capacity for specialty? Like you have a bulk car, 300 metric ton per day.
Bimal Goculdas
Yeah. So it’s not a particular, it’s not one plant, it’s multiple plants at both locations. So as I mentioned earlier we are about 50 to 60% capacity utilization overall on the specialty still scope to grow with our existing facilities without making much capex.
Amar Maurya
Okay. Okay. But any number for the capacity per day capacity kind of thing?
Bimal Goculdas
There’s no such thing.
Amar Maurya
Okay, and let, let me ask it other way around. Let’s say as you said your specialty chemical currently is around 60% of overall revenue. And it is that 60% utilization level, right?
Bimal Goculdas
No, no it’s not. It is I think about 50%.
Amar Maurya
Utilization.
Bimal Goculdas
If you’re looking at the quarter. Looking at the quarter we had about 42% specialties and 58%
Amar Maurya
Not a full year basis. What would be our specialty?
Bimal Goculdas
So roughly 50. 50.
Amar Maurya
I would say so let’s say sir, 200 crore odd revenue. 215 crore revenue and full year utilization would be at 50%. So, so the. So the peak revenue from this plant could be around 430 crore.
Bimal Goculdas
Correct.
Amar Maurya
And this according to you, you will achieve in one or two years the peak peak utilization?
Bimal Goculdas
I never said.
Amar Maurya
I’m just assuming to reach
Bimal Goculdas
To the suboptimal future projection.
Amar Maurya
Okay. And largely the specialty goes into which all industries.
Bimal Goculdas
So we focus on a type of chemistry like sulfur chemistry, boron chemistry, all that. And we are agnostic to the end users.
Amar Maurya
Okay.
Bimal Goculdas
So the end users could be in, you know, if you see in our presentation. Also we’ve given you some of our customers mentioned there and they’re across fields, across, you know, they are from paints and coatings to pigments to dyes, agrochemicals, pharmaceuticals, you name it. And all our business is B2B. So we would supply to other industrial companies.
Amar Maurya
And out of our export, how much would be us Sir?
Bimal Goculdas
So not very high, but Europe, us, China, Japan and little bit of Latin America where we are selling.
Amar Maurya
See, we are selling in China also. What is the reason? Like China is not competent in the sulfuric chemistry. Is it like that?
Bimal Goculdas
There are some products where we are more competitive than the Chinese.
Amar Maurya
Oh, is it perfect, sir, I’ll come back in.
Bimal Goculdas
Thank you.
Operator
Thank you. The next question is from the line of Raja from I thought pms. Please go ahead.
Rajat Sethia
Hi, thanks for the opportunity. Am I audible? Yes, thanks. Just to just one small clarification before I proceed to the question. So you said at the full level basis, like full year basis, your specialty chemical mix was 50%.
Bimal Goculdas
Sorry, I couldn’t hear that. I can hear you, but it’s not clear what you’re saying. Rajat,
Rajat Sethia
Am I audible? Is it better now?
Bimal Goculdas
Yes, much better.
Rajat Sethia
Sure. So at the full year level like for financial 25, specialty chemical mix was 50% in terms of revenues, is that understanding correct? Roughly, yes. Okay. And you said capacity utilization for specialty chemical was 50%, right?
Bimal Goculdas
Yeah, 50 to 60%. You know, it’s across different products. So it’s not one plant or it’s not one product.
Rajat Sethia
And you mentioned that melter based sulfuric acid, they have slight bit more advantage over sulfur based specialty sulfuric acid. What is the reason for that and how. How does that affect us?
Bimal Goculdas
So it has nothing to do with the specialties, but sulphur based sulfuric acid is in general more expensive than smelter based because the smelters don’t need to burn sulphur. They get it as a byproduct of their copper smelter or zinc smelter operations.
Rajat Sethia
In a way it’s gonna add to the overall capacity to the industry.
Bimal Goculdas
So it’s going to put more tonnage out in the market. And that tonnage is not going to be based on, you know, sulfur price. So right now, sulfur price being on the higher side, the all sulfuric acid producers who are based on sulphur will face pressure.
Rajat Sethia
Right. And from when these capacities are coming online,
Bimal Goculdas
We’ve just seen the announcements so we don’t know when exactly it will come online but we expect in the next three to six months it will come online. But it’s not, you know, it’s not in our control or anything.
Rajat Sethia
What’s our annual maintenance capex that we have to do every year irrespective of any green to the government.
Bimal Goculdas
So we, so we have you know, two types of, two types of maintenance expenditure. One is of course regular maintenance, just upkeep. The ROHA plant, the plant was set up in the late 70s. Of course we are doing every year maintenance. So it’s not a 50 year old plant but it needs things like roads need to be repaired, painting things like that, structures. So that’s one part of it and the other part is say once in a year or once in two years we need to shut down our sulfuric acid plant for maintenance. So that’s when we spend, you know, about 1.5 to 2 crores depending on what equipment needs to be replaced.
Rajat Sethia
Our new plant, the ACE plant, bulk chemical came up. Is that another new tax rate, lower tax rate regime or is that under the same.
Bimal Goculdas
So it’s both. Both plants are in the same company and we are currently under the old tax regime. But we expect by next year we’ll go to the new tax regime next year or the year after.
Rajat Sethia
Okay, which means 25%, only 6% or so, right?
Bimal Goculdas
Correct.
Rajat Sethia
And finally in the boron segment where we did 100cr almost, is that all low margin commodity, nature product or
Bimal Goculdas
About 70% is. The low margin product and about 30% would be the higher margin product.
Rajat Sethia
And the higher margin would be in the same range as our other specialty, chemical margin.
Bimal Goculdas
Yes, typically. Yes.
Rajat Sethia
Okay. And sir, our raw material problems related to this segment is completely sorted now.
Bimal Goculdas
So see, the thing is that in boron there is no raw material in India. So there will continuously be a supply chain issue. You know, whether it is something to do with Suez Canal, whether it is something to do with some other strike, shipping costs, availability, etc. So I will say this is, you know, like juggling. There’s always some balls which are in the air and you have to keep an eye on it all the time. So for the moment I can say it’s okay. But I can’t tell you it’s a permanent. Okay.
Rajat Sethia
Thank you so much.
Bimal Goculdas
Thank you.
Operator
Thank you. The next question is from the line of Siddhan from RB Investments. Please go ahead.
Siddharth
Good afternoon, sir. Just a small question from my side in the PPT as well as earlier in the call you mentioned regarding a opening of a smelter. So could you just outline your approach going forward?
Bimal Goculdas
So, you know, I just mentioned it as abundant precaution as one of the threats coming up to our business. Because it’s in the public domain that this Kutch copper smelter will start. And it will surely affect the availability of sulfuric acid, particularly on the western coast of India. And difficult to gauge the impact. I mean, consumption in India is growing. Also there could be exports of sulfuric acid from the smelter. But basically I just wanted to point out to the shareholders that this is something which we are keeping an eye on. We can’t quantify the impact, but we know there will be an impact.
Siddharth
Hello.
Operator
Thank you. Participants who wishes to ask a question may press star and 1. Ladies and gentlemen, you may press star and want to ask a question. Now the next question is from the line of Rohit Ori from Progressive Shares. Please go ahead.
Rohit Ohri
Hi. A few questions from my side. This is more related to the new accounts you probably must have added during the year. First one being Sudarshan Chemicals and second one you moved from Solway to Swensco. So if you can just highlight that which are the domains or the industries or the end user that you are targeting with these two new accounts.
Bimal Goculdas
So basically what you see in the presentation is a sample listing of our customers. Not all the customers but Clarient. I mean the Hoiback Clariant has been acquired by Sudarshan and they are in pigments. They’ve become amongst the largest in the world in pigments now. So that is one and the other one, Science Co is basically the specialty chemical business of Solvay. Since they changed the name, we’ve changed the name and they continue to be clients but it’s across the board. It’s not any particular targeted end use for us
Rohit Ohri
Because Swinzhou is more interested in the specialty chemicals for circular economy, maybe automotive or maybe green hydrogen and battery businesses. So will be supplying to the specialty part, is it?
Bimal Goculdas
Yes, yes.
Rohit Ohri
Okay. In addition to that in the presentation go through finally you guided around fine products for the boron chemistry around eight in specialty chemical and one on the bulk side. So which are the target industries or the developments that are happening over here?
Bimal Goculdas
So there are a lot of these, you know, would not necessarily be on fully commercial side or target towards a particular end use. There are a wide range of end uses. You know boron also goes on to find applications in things like glass, ceramics, glass fiber, agriculture, all that. We’ve got products which go into micronutrient, fertilizers, things like that. So it’s not again not targeting any one particular industry. You have fire retardants as well.
Rohit Ohri
And in addition to that your commentary also mentioned about these three products which are the domains if you can take us to what exactly is it speciality or is it bulk side that you have added?
Bimal Goculdas
So their specialties, they’re not added, we’ve just mentioned them separately but if you look at our annual reports, they’ve always been there. This is product where we are in the top three in the world and they would go. In multiple applications. In each one of them goes into different applications. The last one, sodium vinyl sulfonate particularly goes into coatings and emulsions. But the others have multiple end users.
Rohit Ohri
Even if you look at the presentation, you have added somewhere around 10 new cities. Or maybe if you look at the presentation you’ve added around 10 new cities or geographies or 10 new dots on the globe, if you can take us through that. Are these high margin businesses or are you targeting at bulk businesses over here?
Bimal Goculdas
So no, no, bulk business is mostly in India. Whatever we do outside India is specialties.
Rohit Ohri
Any guidelines that you want to share that you can go from around 13, 14% EBITDA margins to maybe 17, 18 in the next three years or something like that?
Bimal Goculdas
No, I don’t make those kind of projections. But I’ve always maintained that the specialties are a higher margin. And as we expand our specialty business, we’ll see an expansion in the EBITDA margin. In fact, one of the reasons we are not at higher levels is because of the slowdown in Europe, which has taken away a lot of our specialty chemical export business.
Rohit Ohri
But then directionally you have that ambitious plan to reach 17, 18%. Right. We want to increase it for sure. And I don’t know if I would put a particular target. You mentioned about this shutdown, which would be in the current quarter, maybe 20, 25 days or so, probably that can give you somewhere around 85, 90 crore kind of top line. You think for the full year you’ll be able to grow at the GDP growth rate of India.
Bimal Goculdas
So again, typically the chemical industry grows faster than the GDP growth. But again, you’re asking me to make futuristic projections and I don’t do that. But I can tell you in general that chemical industry grows faster than gdp.
Rohit Ohri
Thank you, Vima, for answering my question. Thanks a lot. It makes a lot of sense. Thank you. Thanks a lot.
Bimal Goculdas
Thank you.
Operator
Thank you. The next question is from the line of Vignesh Iyer from Sequent Investment. Please go ahead. We can’t hear you. Mr. Iyer, please go ahead with your questions. Your line is unmuted. Mr. Iyer may be requested to please go ahead with a question. So there is no response from the participants. Participants who wishes to ask a question may press star and one as there are no further questions from the participants, I now hand the conference over to Mr. Bimal Gokul Das for closing comments.
Bimal Goculdas
So thank you once again, Abhishek and the TIL team for hosting this. Thanks to all the investors for attending the conference and for all your questions. And my team and I are, you know, we are. Let me reassure you that we are working through all these difficult times to try to increase our top line, bottom line, and we appreciate all the faith the investors have in our performance. So thank you and have a good evening. Back to you, Abhishek.
Operator
Thank you on behalf of DMCC Specialty Chemicals limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.