Mitsu Chem Plast Ltd (NSE: MITSU) Q3 2026 Earnings Call dated Feb. 02, 2026
Corporate Participants:
Ganesh Nalawade — Investor Relations, Kirin Advisors
Manish Dedhia — Joint Managing Director & Chief Financial Officer
Kashmira Dedhia — General Manager, Account and Finance.
Analysts:
Aditya Singla — Analyst
Maitri Shah — Analyst
Surbhi Vora — Analyst
Avesh Chauhan — Analyst
Aradhya Nayak — Analyst
Moksh Ranka — Analyst
Sakshi Shinde — Analyst
Vignesh Iyer — Analyst
Rujun Mishra — Analyst
Presentation:
operator
Sam. Ladies and gentlemen, good day and welcome to Mitsu Chempla’s limited Q3FY26 results conference call. 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 this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ganesh from Kirin Advisors Private Limited. Thank you. And over to you, sir.
Ganesh Nalawade — Investor Relations, Kirin Advisors
Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of mitsu Ken Class Limited. From the management team we have Mr. Manish Dedia, Managing Director and CFO and Ms. Kashmira Dea, Vice President, Finance and Accounts. With that now, I hand over the call to Mr. Manish Deria for the opening remarks. Over to you, sir.
Manish Dedhia — Joint Managing Director & Chief Financial Officer
Thank you, Mr. Ganesh. Good afternoon everyone. It is pleasure to welcome all investors, analysis and participants to the Mr. Chem plus limited Q3 and 9 months FY 2026 earning conference call. We sincerely appreciate your continued support and interest in our company. Q3FY26 reflects continued progress for Mitsu Kemp last as we strengthen our operational capabilities and deepened relationship across domestic as well as global market. The company delivered strong improvement in in profitability reflecting disciplined execution and improving operational efficiencies. Mitsukim plus today operates as an integrated blow and injection molding solution provider serving industries such as industrial packaging infrastructure, health care and emergency handling equipment.
Our three manufacturing facility in Maharashtra equipped with over 51 blow molding and 20 injection molding machines provide installed capacity exiting over 29,000 metric tons annually supported by strong in house R and D testing capabilities. This enable us to consistently deliver quality product while responding efficiently to evolving customer requirements. Healthcare furniture components under our Farnastra brand continue to be a key growth driver with rising acceptance across domestic and export markets. Participation in international exhibition and industry events continue to strengthen brand visibility and deepen engagement with global OEM partners. Our export business also continue to grow steadily with Mitsu brand Pharnasa currently exporting to more than 17 countries.
Participation in global trade fairs has helped enhance brand recall and strengthen relationship with OEM customers across pharmaceutical, healthcare, chemical and FMCG sectors reinforcing Mitsu’s position as a reliable long term manufacturing partner. During the quarter we progressed on key operational initiative aimed at supporting future growth. The company undertook a capacity expansion that has added approximately 650 metric tons per annum taking total installed capacity over 29,000 plus metric tons annually. This expansion is expected to improve production flexibility and responsiveness to customer demand. Sustainability and responsible manufacture remains central to our operation as we continue initiative focused on energy optimization, recycling and water conservation while gradually working towards reducing carbon and energy intensity across facilities.
Beyond business performance, we remain committed to social impact through MITSU foundation supporting initiatives in healthcare, sports and community welfare including eye care programs, cancer support and promotion of sports talent reflecting our commitment to long term stakeholders value Creation as we move ahead, our strategic focus remains on driving profitable and sustainable growth through innovation, operational excellence and diversification. Guided by our transformation pillars Healthcare Furniture under pharmastra, Packaging Products, Operational Excellence and data driven Marketing, we continue progressing towards our long term objective of achieving 1000 crore in annual revenue by FY2028. Before concluding, I would like to thank our employees, customers, business partners and shareholders for their continued trust and support.
With this I conclude my remarks and Now I request Ms. Kashmira Delia to take you through the financial performance for the quarter and nine months ended December 31, 2025.
Kashmira Dedhia — General Manager, Account and Finance.
Thank you and good afternoon everyone. I will now take you through the financial highlights for quarter three and nine months. FY 2026 for the third quarter of financial year 2026, Mipsukem Class Limited reported steady growth in performance supported by better operating efficiency and improved product mix. Total income for the quarter stood at Rs. 8,608.85 lakhs reflecting a year on year growth of 6.92%. EBITDA increased significantly to Rs 954.45 lakhs, registering a growth of 73.35% with EBITDA margin improving to 11.10% reflecting expansion of 426 basis points compared to the same period of last year. Net profit for quarter three financial year 2026 stood at Rs.
470.63 lakhs, up by 217.03% year on year with net profit margin improving to 5.47%. Earning per share for the quarter stood at Rs. 3.47, higher by 218.35% compared to the corresponding quarter of the last year. Moving to the performance for nine months, financial year 2026, total income stood at Rs 26,405.09 lakhs reflecting a year on year growth of 88.94%. EBITDA for the period increased by 35.71% to Rs. 2,043.58 lakhs with margin improving to 7.75% reflecting expansion of 152 basis points year on year. Net profit for the nine month period stood at Rs. 790.13 lakhs registering growth of 113.03% with net profit margin improving to 3%.
Earning per share stood at 5.82 up by 110.11% compared to the previous year. This result reflects better sales realization and higher margins achieved during the quarter supported by the company’s continued focus on improving operational efficiency, optimizing cost and enhancing product mix. Despite a competitive operating environment. Going forward, we remain focused on strengthening margin, expanding exports and scaling higher value added segments including healthcare furniture components under the Parnastra brand. That concludes my update on the financial performance. I would now request to open the floor for questions. Thank you.
Questions and Answers:
operator
Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their test tone telephone. If you wish to remove 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 Aditya Singhla from Oak Lane Capital. Please go ahead.
Aditya Singla
Yeah. Thank you for the opportunity, sir. So my first question is that your EBITDA margins has have moved up sharply year on year and also improved quarter on quarter. So what exactly drove this jump? And is this level sustainable going forward?
Manish Dedhia
Yeah, thank you very much Mr. Aditya ji. I think. Good question. But see I think that we are starving to to get a lot of things here. As we said, operational efficiency, the better margin, the better sales realization and the better purchasing. I think all together we are working right now. So we hope everything this continues for the further quarter as well.
Aditya Singla
And so sir, like how should we think about a normal margin for Mitsu through the cycle? Like what EBITDA margin range do you believe is structurally achievable over the next 12 to 18 months?
Manish Dedhia
So generally I think 8 to 10% is a quite reasonable amount because we have both mix commodity and niche item. So I think 8 to 10% is quite accepted. But we are trying for the new innovation things and new things because we have also a niche product. So we always try to get more margin and more efficiency there. So I think 8 to 10% for your answer.
Aditya Singla
Okay. Okay. Thank you for answering that, sir. So what were the key reasons for the lower margins in the last few Quarters.
Manish Dedhia
Yeah, there were many. So I think in the last call also I mentioned so the raw material prices, the better sales relation. So all together mix and we are trying to get, you know we are adding a new customer every quarter, every month. So you know if some customers are not giving you better rates, so maybe we have to switch over to another customer. So I think these are the practice. But it takes lot of time and we are trying to do that.
Aditya Singla
Okay. Sir, can you share the current revenue mix for Q3 and nine month across your key verticals.
Manish Dedhia
Like the niche item is around 16% and the rest is 84% is my commodity like containers.
Aditya Singla
And within this mix which vertical is like currently. Currently has the highest margin and which has the lowest margin?
Manish Dedhia
Yeah, so as I said like 16 is contains of like furniture part and other articles. So they have a like little more marginal item compared to the containers.
Aditya Singla
And so do we do we plan to study.
operator
But if you have a follow up question please rejoin the queue.
Aditya Singla
Okay. Okay. Okay. Thank you for answering that.
operator
Thank you. Our next question comes from the line of Maitri Shah from Sapphire Capital. Please go ahead.
Maitri Shah
Yeah. Hello. Good morning. Am I audible?
Manish Dedhia
Yes.
Maitri Shah
Yeah. Firstly congratulations on the great set of margins that you’ve achieved in this quarter. Since you said that our reasonable range is around 8 to 10% that we can assume our expectation to reach 1000 crores 28. What do you achieve when we achieve that number of revenue?
Manish Dedhia
Ma’, am, sorry, the last line. I think after 1000 crore we got your voice got cut.
Maitri Shah
Sure. So in FY28 we expecting a thousand crore revenue. What sort of margins do you see on the EBITDA during that fiscal year?
Manish Dedhia
Yeah, so see basically the. When I said this 8 to 10% is in the current scenario. But yes, definitely we are also trying to improve our EBITDA margin in the industry. It looks like 8 to 15% margin because since 34 quarter we are trying to get little better, better the margin. And I think we have achieved near to the 10%. But I expect a little more margin when you know we go for a larger turnover. That’s for sure.
Maitri Shah
Correct. So the operational efficiency will also kick in. To achieve this thousand crores, what sort of capacity expansion do you expect now going forward in FY27 to take place?
Manish Dedhia
Okay, so if you must have seen, I’m like after 31st. So before 31st we have already announced one. I mean like we are doing a little smaller. Smaller. So as soon as, I mean like as the machines are coming we are announcing on the Website. So we have announced already two announcement. One is in November and one is in December. January. One is in January for capacity announcement.
Maitri Shah
Announcement of capacity expansion will be enough to fulfill the thousand.
Manish Dedhia
Obviously not so I mean like this. I think I said very small thing even we have announced just in January we have announced unit4.4 also so which will also have a addition to the capacity. You know, it takes a lot of time to come when we order the machine it takes around four to six months. So I think we are in the process of the expansion right now.
Maitri Shah
Okay. So I need to again given the capacity. Hello. Hello.
Manish Dedhia
Voice got disconnected. Yeah, yeah.
Kashmira Dedhia
Words is getting cut in between. Words are getting cut in. If you can speak little louder and near. Yeah, yeah, sure.
Maitri Shah
Yeah sure. Any sort of range you can give on the capacity that you need to at least this thousand crores. If that’s possible. Range means like currently we have close to 29,000 plus metrics in capacity. Maybe at 35,000 metrics in capacity we can achieve the thousand. Any. Any number you can give on that.
Manish Dedhia
Yeah. So approximately it will be the double the capacity. Definitely. Yeah, double the capacity.
Maitri Shah
And what sort of capex would be required to increase that to get to that number of capacity?
Manish Dedhia
Ma’, am, we will announce because we are yet to finalize many of the things and we will announce I think in a piecemeal as soon as we finalize and we get installed, we will announce.
Maitri Shah
Okay. Yeah. And the EBITDA margin, if you think you’re differential between the lease product and commodity, is that possible? What sort of margins we earn on the niche side and on the commodity side.
Manish Dedhia
So around the difference is around 5.
Maitri Shah
To 7, 5 to 7%. And currently we have around 16% of sales from the niche product. So how do you see that expanding to reach that thousand crores? What sort of percentage do you expect from niche products going forward?
Manish Dedhia
So we are expecting around 15 to 20% when we reach Amlik. Although we were reaching thousand cr we wanted to keep that niche item should be approximately 15 to 20%.
Maitri Shah
Yeah. Currently in that range. So nothing more that we can expect.
Manish Dedhia
Or the heat production as soon as we are expanding. So we are expanding in both the. Both the these things expanding into each item. We are expanding into commodity item as well.
Maitri Shah
Follow the same growth pattern.
Manish Dedhia
Yeah, yes, but we will. We will try to increase in the niche items because better better margin.
Maitri Shah
Correct, correct. Okay. And the Export share for 3Q what is the export share in revenue currently?
Manish Dedhia
So around around 2.5%. Because see we. We have been exporting to 17 countries because I think this is a capital item and it takes a lot of time to. Successfully passed from the customer. So we have already achieved that milestone and now maybe the export will be generated once all. I think, I think we have, we. Have been achieved that milestone. Now I think the results will come.
Maitri Shah
And this export is majorly for the niche products, but also the commodities are.
Manish Dedhia
Being exported mostly niche, mostly niche, mostly.
Maitri Shah
So do we have a better margins on the export side? And if you can give the differential.
Manish Dedhia
Between little better, little better than domestic, little better.
Maitri Shah
And mostly these exports are. In which continent have we mentioned that?
Manish Dedhia
Europe, Canada and Gulf Europe.
Maitri Shah
Any guidance on the 27 FY27 revenue? You can or we’ll grow. How will we grow from 26 to 27?
Manish Dedhia
So almost in the same range. Almost in the same range, yeah. But because more, more focus right now we are doing on the profitability. So. Yeah.
Maitri Shah
Yeah. Thank you so much.
Manish Dedhia
Thank you.
operator
Thank you. Participants who wish to ask a question may press star and one on their touchstone telephone. Our next question is from the line of Surbhi Vora, an individual investor. Please go ahead.
Surbhi Vora
Hello. So my question is on pricing, how quickly are you able to pass through resin price increase to customers and in raising, I mean rising, raising cycle, how much margin compression do you increase it before you.
Manish Dedhia
Hello ma’, am. It’s echoing, echoing. Your voice is echoing and could not understand any of the words.
Surbhi Vora
Now is it audible? Hello?
Manish Dedhia
Yeah, yeah, maybe.
Surbhi Vora
Okay, so I just wanted to ask you that on pricing, how quickly are you able to pass through raising price increases to customers and in pricing raising cycle, how much margin compression do you typically see before pricing catches up?
Manish Dedhia
Wow, good question, man. So yeah, it takes, sometimes it takes a good time and sometimes it is very, very quick. So you know this due to lot of fluctuation in the US dollar, the crude and everything and market sentiment and everything. So the prices sometimes goes up, goes down also. But yeah, I think it takes little more time. Sometimes customers are not agreeing on to give the rates immediately. So it takes around sometimes more than a month.
Surbhi Vora
Okay, so and what is the export potential over the next two, three years?
Manish Dedhia
Yes, a very good potential because see as I said, we are exporting to the niche, this niche items and the capital goods item. And we are now achieved one milestone that all the 17 countries have been my, all our export orders and everything has been successfully passed. So I think now we expect a huge jump in the export.
Surbhi Vora
Okay, so can you also tell me like which export geographies are Working best today.
Manish Dedhia
So ma’, am, everything. I mean like for us everything right now is a similar situation as like Europe and. But with the. With the India EU tie up. So we expect a good demand and they will. They will maybe try to purchase from us there rather than other countries. I know. I’m sure that the tax benefit and everything will take little longer time but at least they will start purchasing from India. So I hope Europe will be the major chunk for us.
Surbhi Vora
Okay. Thank you sir and wish you all the best.
Manish Dedhia
Thank you.
operator
Thank you. Our next question comes from the line of Avesh Chauhan, an individual investor. Please go ahead.
Avesh Chauhan
Sir, congratulations on great margins in this quarter.
Kashmira Dedhia
Sir, can you speak loudly?
Avesh Chauhan
Hello. Am I audible now?
Manish Dedhia
Now it’s good.
Avesh Chauhan
Okay. So congratulations on great set of margins in this quarter. So my question is on sales growth target. I think our target of thousand crores if we have to reach there in FY28 or even FY29 will require 35%. 35 to 40% CAGR. And historically we have done in last five years I was saying that we have done something like 1819 CAGR. So what new. What new thing is happening that you know that we are going to grow at a far faster rate than historical.
Manish Dedhia
Great question sir. Thank you. So I’ll tell you Amilek. See obviously with our capacity we have grown very slow in this. You must have heard our. We have announced our unit for also recently, very recently we announced I think last week only that we have in four plant. And also in the month of December also we bought land. So you know all this is plan is an expansion. So I think once we are freezing our plants definitely we will announce step by step.
Avesh Chauhan
Yeah sir, but. But in FY26 I’m seeing that you. We might end up doing something like 3400 crores or something. And then. Then you know we will have. We will be required to more than doubling in next two years. But our FY27 is very much you know in line with that historical 20 run rate. So I. I’m still not able to understand the math whether we will have a very significant growth in FY28 or something.
Manish Dedhia
Yeah. So I think sir, your calculation is perfect, right? Yes, definitely. But you know there in. In plastics always we have to go with the major machinery. My all the current plants are saturated right now now. So we can’t expand too much in the same premises. So obviously we have to go for expansion. Hence we have gone with the unit 4. And now maybe very soon we will come up with the new plant as well. Right.
Avesh Chauhan
So that is on the production part I am also concerned about the sales thing that how our sales will ramp up so much that you know in next two years we. From 400 crores we reached that. You know you do additional 600 crores of sales to reach thousand crores. So that.
Manish Dedhia
That on the sales immediately 600 crore obviously. So I think it will be gradually. So I think Unit 4 has already started now we will see many of the things and I think. I think it will be gradually. But yes we are very confident to achieve what milestone we have. We have set for ourselves. And there will be. See we are also building up a team. We are also building up infrastructure. We are also building up the customer relationship. We are building many new customers acquisition. So I think this is all together.
Avesh Chauhan
Okay. And we will do again rights issue to fund this CAPEX unit 4.
Manish Dedhia
But you never know how the things goes on.
Avesh Chauhan
Right. But in. In terms of we have to build up a plant at unit 4 and that to something with the potential of 500 crore sales. So I’m sure there will be a lot of capex requirements. So any. You know any thought process on that that how we are looking to fund.
Manish Dedhia
Not. Not. But yeah some of the plans are on the paper. So maybe once it is freeze and board approves then we will announce the soon.
Avesh Chauhan
Right? Right. Got it sir. But I would just have one. One request that if you could. If you could you know guide on the sales part more thoroughly it will be better. I. I actually think that you know you. We have very good potential. Our company is very good and. And we have a potential to do maybe thousand crore. But maybe that FY28 guidance, you know looks little unrealistic. So sir, maybe you know if you could in the next quarter if you could come up with you know more clearer path to that thousand crore.
Manish Dedhia
We’ll. We’ll. We’ll try to. I think it’s a good suggestion and we’ll try to do that.
Avesh Chauhan
Thank you. Thanks a lot sir. And all the way.
Manish Dedhia
Yeah. Thank you.
operator
Thank you. Anyone who wishes to ask a question may press star and one on their touchstone telephone. Our next question comes from the line of Aaradhya Nayak, an individual investor. Please go ahead.
Aradhya Nayak
Hello. Am I audible?
operator
Yes ma’.
Manish Dedhia
Am. Little louder.
Aradhya Nayak
Sir. Actually can you talk about your current customer base quality? Are orders largely repeat programs or do you still depend meaningfully on spot business?
Manish Dedhia
Okay. So ma’, am basically in our industry we do not have orders more than a month because the prices change every fortnightly. Hence the orders are only for one month. But yes, see we have I think out of our sales, I think my repeat orders are Approximately more than 65 to 70% customers.
Aradhya Nayak
Okay, so like what is the current utilization level across your facilities?
Kashmira Dedhia
So around 65% for quarter three, ma’. Am.
Aradhya Nayak
Okay, like what is the current debt level and cost of borrowing and how much leverage are you comfortable carrying while funding expansion?
Kashmira Dedhia
So current debt level is around 63, 64 crore. Ma’, am, can you repeat your next question?
Aradhya Nayak
No, this is like my last question. Thank you. And all the best.
Kashmira Dedhia
Okay, thank you.
operator
Thank you. Our next question comes from the line of Moksh Ranka from Aurum Capital. Please go ahead.
Moksh Ranka
Hello sir, I wanted to understand what is the gross margin difference between your niche and commodity product and who generally are the export customers?
Manish Dedhia
So as I mentioned last time, so EBITDA margin is like, you know, around 4 to 7% difference between the commodity and the niche product and the gross.
Moksh Ranka
Margin difference will be the same or there’s similar.
Manish Dedhia
Almost a similar. Almost similar.
Moksh Ranka
Okay, and who generally are the export customers?
Manish Dedhia
Who means you. We can discuss the name.
Moksh Ranka
Okay, but in the industry, right?
Manish Dedhia
Yeah, they are a hospital bed manufacturer worldwide.
Moksh Ranka
Oh, okay, so.
Manish Dedhia
You are talking about local.
Moksh Ranka
About the local, sorry.
Kashmira Dedhia
Export customers or local domestic customers?
Moksh Ranka
Sir, I got about the export. Could you give some more clarity on the local one as well?
Kashmira Dedhia
So in local one we have two product vertical majorly industrial packaging and the other is our infrastructure and hospital bed furniture. So in packaging industry we serve to many industries. Chemical pharma, fmcg, pharmaceutical, many industries. So customer base is very wide in as far as the domestic customers are concerned.
Moksh Ranka
Okay, and can you explain our working capital cycle? How is it like.
Kashmira Dedhia
So in days it is around 65 to 70 days.
Moksh Ranka
Okay, the full working capital cycle. And can you give a breakup of the data day and receivable day?
Kashmira Dedhia
And so our data day lies between 60 to 65 days, sir.
Moksh Ranka
Okay, okay, okay, got it. That’s it from my side. Thanks for all this. And just one more question. In the recent announcements they have made that we’re adding 900 metric ton of capacity. So is that the unit for capacity which we are speaking of?
Manish Dedhia
Yes, sorry, what was the question?
Moksh Ranka
In our recent announcement which we have made on the 27th of January to the stock exchange, we mentioned that we’re adding a proposed capacity of 900 metric ton which is quite low. I think Our current is 29,000. Is this the whole unit for capacity or will There will be a much bigger.
Manish Dedhia
So as I started initially I mentioned so you know machinery takes a lot of time. So as soon as the machinery started coming we are announcing.
Moksh Ranka
Okay. Okay. And, and based on the current capacity what is the maximum top line we can generate?
Kashmira Dedhia
You can generate.
Manish Dedhia
I think around 450 approximately.
Moksh Ranka
Okay. So for to get to thousand crore turnover you essentially have to double your gross gross. So around 50 to 100 cr could be the approximate investment you might require. Is my understanding correct?
Manish Dedhia
Not exactly. Yeah, because I think. Yeah, but it is a. There is a change in that. So I mean like you know every time you don’t have to go with the same exact same thing. So I think we will focus morely on. On the machinery expansion side more and I think. Maybe what you call so the amount obviously we will, we will definitely we will announce amounts and the, the plan also as somebody recommended, we’ll try to you know announce it by next quarter looks like.
Moksh Ranka
Okay. Okay. Okay. That’s all from my head. Thank you for answering all my questions.
Manish Dedhia
Thank you. Thank you. Yeah.
operator
Thank you. Our next question comes from the line of Sakshi Shinde from Shah Consultancy limited. Please go ahead.
Manish Dedhia
Hello.
Sakshi Shinde
Hello.
Kashmira Dedhia
If someone is speaking, I’m not able to hear. Yes ma’. Am. Little louder please.
Sakshi Shinde
Yes. So I have few questions with me also the first is regarding the Fun star in caps and closer and Fun Star, what is your customer switching cost? Do you like own the moles? Are there long approvals and what is the typical lock in period once you get it into a program of program.
Manish Dedhia
Okay. So in a, in a, in every business I like every customer has a different, different this thing. So it’s very difficult to bifurcate these things. But you know generally when it is custom made design then definitely customer owns a mold and the generally locking period is around two to three years.
Sakshi Shinde
Okay. And also sir, like is there any like regulation angle? Do you see any risks from you know stricter plastic EPR regulation And how prepared is Mitsu on those regulations?
Manish Dedhia
So Mitsu from day one Mitsu is already prepared with the EPR and we are already supplying PC to many of our customers. I think if I’m not mistaken we were among the first one to give PCR in entire range.
Sakshi Shinde
So one question you know, because ESG is now very hot as selling cake. So have you have any of your key customers started using ESG Scorecard? A supplier audit covering environment, labor safety or compliance. The formal part of the client.
Manish Dedhia
Yeah. So most of the clients are, are adopting those standards because we have around from our customer base. Approximately 15 to 16% are multinational companies. And around 40% is our. They are limited companies, the large corporates. And obviously they are following many of the things. And if you can see our annual report last four years we are already following esg, BRSR and whatever needed. As of today we are following all this.
Sakshi Shinde
Good to hear and looking forward to update iq. Good day.
Manish Dedhia
Thank you. Thank you very much.
operator
Thank you. Our next question comes from the line of vignesh a year from Sequent investments. Please go ahead.
Vignesh Iyer
Hello sir. Thank you for the opportunity. Wanted to know what is the peak utilization levels that. That we can hit on our current capacities? If I heard you write earlier, you said utilization in Q3FY26 is 65%.
Kashmira Dedhia
So you want to understand how far we can go for the current capacity utilization. How far we have already done as.
Vignesh Iyer
In the number 85. 90% utilization is possible. Or we max out at 80%.
Manish Dedhia
So the maximum 85% is in the standard. So you can go 85 to 90, not more than that. Whatever your capacity utilization. I mean capacity, you can go 85 to 90%, not more than that.
Vignesh Iyer
Right. And when you say sir, that peak Turnover possibility is 450 crores. So you are assuming current prices and. The current product mix, right?
Manish Dedhia
Yes.
Vignesh Iyer
Right. Right. Okay. Yeah, that’s all from the side. Thank you.
Manish Dedhia
Thank you.
operator
Thank you. Our next question comes from the line of Rujun Mishra, an individual investor. Please go ahead.
Rujun Mishra
Hi, sir.
Manish Dedhia
Yeah, hi.
Rujun Mishra
Actually my first question is how do you see the competition evolving especially.
Manish Dedhia
Sir, your voice is not. Sir, your voice is not clear.
Rujun Mishra
Yeah, so my first question is how do you see the competition evolving especially from the imports and smaller regional players. So where do you see our company has different.
Manish Dedhia
Ah, no, the competition is very good. I think. We are seeing that. We always try to differentiate with the competitors by service and by value addition to the customer. That’s. That’s the only way you know to be differentiate with others.
Rujun Mishra
Globally are pushing recycled content and sustainability. So your customer asking for PCR or recycled content. Can you supply without impacting margins?
Manish Dedhia
Yeah, we are doing that right now. One thing is louder and in the range because your most of the words are cracking.
Rujun Mishra
Okay.
operator
Your voice sounds too muffled, sir.
Rujun Mishra
Is it fine now?
Manish Dedhia
Yeah, right now it looks okay.
Rujun Mishra
Okay. So do we have any customer concentration risk and what percentage of revenue do your top five to 10 customers contribute?
Manish Dedhia
So generally I think our 80% business is with around 30 customers.
Rujun Mishra
Okay, Come again, what did you say?
Manish Dedhia
So 80 business is approximately with around 30, 35 customers.
Rujun Mishra
Okay, okay. 80%. Okay, fine. And so your working capital as you can see the historically as a spring factor in the sector. So how our receivers and inventory is trending in Q3, it can be improved further?
Kashmira Dedhia
Yes, sir. We are definitely trying day by day to increase the efficiency of our working capital.
Rujun Mishra
Okay. So any, any approximation like what’s our current TPP cash conversion cycle?
Kashmira Dedhia
It is 70 days, sir.
Rujun Mishra
70 days. Okay. Okay, fine. I will get back in the queue for any further questions. Thank you.
operator
Thank you. Participants who wish to ask a question may press star and one on the Touchstone telephone. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mr. Ganesh from career Advisors Private Limited for closing comments. Please go ahead.
Ganesh Nalawade
Thank you everyone for joining the conference call of Mitsu Chem plus Limited. If you have any further queries, you can write to us@researchrectcarenadvisors.com Once again, thank you everyone for joining the conference.
operator
Thank you on behalf of Kirin Advisors Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.