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Mitsu Chem Plast Ltd (MITSU) Q4 2026 Earnings Call Transcript

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.

Mitsu Chem Plast Ltd (NSE: MITSU) Q4 2026 Earnings Call dated May. 04, 2026

Corporate Participants:

Karan ThakurInvestor Relations

Kashmira DedhiaGeneral Manager, Account and Finance.

Analysts:

Madhur RathiAnalyst

Presentation:

Operator

Ladies and gentlemen, good day and welcome to Mitsu Chem Plus Limited Q4FY26 earnings conference call hosted by Kirin 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 Turn zero on a touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.

Karan Thakur from Kirin Advisors. Thank you. And over to you sir.

Karan ThakurInvestor Relations

Yeah, thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Mixo Campus Limited from the management team we have Mr. Manish Dia Manag, Managing Director and CFO and Ms. Kashmir Dia Vice President, Finance and Account. With that now I hand over the call to Mr. Manish Dia for the opening remarks. Over to you, sir.

Operator

Good afternoon everyone. It is pleasure to welcome all investor, analyst and participants to to the Mitsukem Plus Limited Q4 and FY26 earning conference call. We sincerely appreciate your continued support and interest in our company. FY26 has been years of steady progress for Metsochem+ marked by consistent operational performance and improving profitability. Revenue growth remains stable supported by resilient demand across key end user industries. While margins improved through better product mix, operating leverage and disciplined cost management.

The Farnastra healthcare furniture parts vertical continue to gain traction emerging as a key growth and margin driver with rising acceptance across domestic and international markets. Our export business remained resilient now spanning more than 17 countries. With the pending relationships across pharmaceutical, health care, chemicals and FMCG sectors reinforcing our position as a reliable long term manufacturing partner. We also executed capacity addition that have strengthened our production infrastructure for the quarters ahead.

Q4 FY26 carried forward this momentum as we sharpened operational capabilities and broadened relationship across domestic and international market. Profitability improved meaningfully driven by execution discipline, enhanced efficiency and a gradual portfolio share shift towards higher value added products. Mitsuchem Plast operates as an integrated blow and injection molding solution provider across industrial packaging infrastructure. Healthcare and emergency handling equipment for our Maharasa facilities house over 51 blow molding and 22 injection molding machines with installed capacity exceed exceeding 29,900 metric tons annually supported by strong announced R and D and testing capabilities.

Building on this foundation, we are pleased to announce a significant strategic milestone. Our entry into the intermediate bulk container vertical which is called idc to a fully automatic IBC plant at our Khalapur facility, a natural extension of our packaging expertise that opens a compelling new revenue stream with a strong domestic and export demand potential. Responsible manufacturing and community impact remain core to who we are as a company. On the sustainability front, we continue advancing initiative around energy efficiency, waste recycling and water conservation across our facilities.

Simultaneously through the Mitsu foundation, we remain actively engaged in supporting healthcare programs, nurturing sports talent and contributing to broader community welfare, all reflecting our deep commitment to creating lasting value for every stakeholder we serve as we move ahead. Guided by our transformation pillar Fernastra Packaging Products, Operational Excellence and Data Driven Marketing and reinforced by our IBC foray, we remain confident of progressing toward our long term objective for achieving Rupees 1000 crore in annual revenue by FY 2028.

Before concluding, I would like to thank our employees, customer, business partners and shareholders for their continued trust and support. With this I conclude my remark and now request Ms. Kashmira Deria to take you through the financial performance for the quarter four ended March 31, 2026. Thank you,

Kashmira DedhiaGeneral Manager, Account and Finance.

Thank you Mr. Manish Deria and good afternoon everyone. I will now take you through the Financial Highlights for Quarter 4 Financial Year FY2026 for the fourth quarter of FY26, Mitsukin Class Limited reported steady improvement in performance supported by better operating efficiency and an improved product mix. Total income for the quarter stood at Rs.8679.47 lakhs. EBITDA increased to Rs.1422.74 lakhs, adjusting growth of 72.98% with EBITDA margin improving to 16.45% and expansion of 736.14 basis point compared to the same period of the last year.

Net profit for the quarter for FY26 stood at Rs.771.73 lakh up by 117.90% year on year with net profit margin improving to 8.92%. Anuta share for the quarter stock stood at 5.68, higher by one month 7.62% compared to the corresponding quarter last year. For the full year FY 2026, total income stood at Rs. 3,584.56 lakhs reflecting year on year growth of 5.40%. EBITDA for the period increased by 48.88% to rupees 3,466.31 lakh with margin improving to 9.90% reflecting an expansion of 289 basis points year on year.

Net profit for the FY 26 stood at Rs. 1,561,87 lakhs, registering a growth of 115.40% with net profit margin improving to 4.46%. Earning per share stood at was Rs. 11.50, up by 113.36% compared to the previous year. This result reflects our continued focus on operational discipline, cost optimization and product mix improvement which have collectively contributed to healthier margin. Despite a competitive business environment as we look ahead, our priorities remain centered on margin expansion, export growth and scaling value added vertical, particularly healthcare, furniture and pharmac, and our strategic foray into the IBC vertical, both of which we believe will be meaningful growth contributors in the coming years.

With that, I conclude my financial update. I will now request the moderator to open the floor for question and answer. Thank you.

Questions and Answers:

Operator

Thank you very much, ma’. Am. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 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 handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. First question is from the line of Deepak Podar from Sapphire Capital. Please go ahead.

Karan Thakur

Yeah, I’m audible, sir.

Operator

Yes, please go ahead.

Karan Thakur

I’m just wanting to understand the EBITDA margin improvement in fourth quarter. What are the key drivers? I mean you had mentioned something, but I just wanted to press it deeper here.

Operator

Yeah, from the last third quarter we are doing a lot of. Value addition as well as a lot of operational efficiency and somewhat the extra margin has come up from the maybe the war situation which has happened and you know, somewhat we consider that some little more little margin came from that war also.

Karan Thakur

So because of that situation.

Operator

Yeah, 1 or 2%.

Karan Thakur

1 to 2%. So what’s the sustainable margin one should look at going forward at a company level?

Operator

So I think double digit is a, you know, Q3 also was a double digit. And I think we consider that 9 to 10% is fair enough in our business. So 10% I consider.

Karan Thakur

Okay, okay. So so 10% is a sustainable margin. So I mean this quarter it was around 16 and a half percent. Right. So it’s a quite a big difference. So. So ideally one of the margin would be higher. Right. Rather than 1 to 2% that you are mentioning.

Operator

Sorry, sir.

Karan Thakur

So you are one off margin the margins because of special situation would be much higher because this quarter is 16 and a half as compared to sustainable margin. We are talking about 10%, right?

Operator

Hey, obviously we aim our internal targets are little more than 10%.

Karan Thakur

But

Operator

We always say that this 10% should be minimal.

Karan Thakur

Okay, okay. Okay. Okay, understood. And I think our journey or vision towards thousand crores that we have outlined this year also we were expecting some growth, right? But I think growth was quite muted for FY26 also. So how should one look at growth trajectory? I mean from this 350crores to 1000crores journey that you’re talking about. So can you throw some more light how the trajectory would look like.

Operator

Yeah, okay, so I’ll take it like this. See, whatever we have said, I think we have achieved till now. Amelie, the turnover is little. Okay. I think from last two quarters we are seeing the 1v1 thing. So first we really wanted to improve our bottom line. And that’s what we are trying to get. So for that, you know, might be we are compromising with our sales which are not profitable. That is a number one. So. So here may our major focused on bottom line rather than top line number one. Number two.

Yes. Our. The plans are still on the. On the pipeline and we are. I’ll not say too much delay, little delay. And hence we have started our unit at Tarapur. Because this is the reason, you know, we have, we have, we are ready with the infrastructure now. As soon as the situations are stabilized, you will see the growth again back. And also we have launched IBC machine which is also one of the growth driver.

Karan Thakur

Okay, so. So what’s the growth we are targeting for this year? FY27.

Operator

Ah, much, much better than this, I think. Minimum, minimum 30% growth this year.

Karan Thakur

And how much is the contribution from this? Healthcare furniture? 15%

Operator

Is our furniture and infrastructure and 84% from the packaging items.

Karan Thakur

Furniture and infra would be about 16% revenue mix. Right? Right.

Operator

The margin profile

Karan Thakur

Of Fernista, how would that be?

Operator

So it’s a much better 15 plus margin. EBITDA margin is at 15 plus.

Karan Thakur

Okay. Okay, understood. Fair enough. I think that’s very helpful. That would be from my side. Thank you so much.

Operator

Thank you.

Karan Thakur

Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one next question is from the line of Keshav Garg from counters Pianist. Please go ahead.

Operator

That I’m trying to understand. Firstly, how much has the raw material prices? What is our raw material? It is Is it PVC or is it pp? Hdp? So HDP mainly is sdp. Then there are many other materials also. Okay, but main is the hdpe. Yes sir. Okay, and how much have HDPE prices increased year on year in Q4? So around 40% has increased. Prices increased by 40% in only after war.

Karan Thakur

And they are still 40% up in first quarter where we are currently.

Operator

No, no, I think they have reduced quite good. I think nowadays must be 30%, something like that.

Karan Thakur

Okay, and so now I understand that we have a monthly price contract with our customers. Is that understanding correct?

Operator

Yes and no, both. So some of the customer. Yes, we have a monthly contract. Some of the customers we have a spot also in the war situation. We have to have a spot contract because we were also not aware how the pricing will be. Okay, so now that prices are down, HDP prices are down quarter on quarter. So are you expecting

Karan Thakur

Any reversal of the inventory gain that we made last last quarter in this quarter?

Operator

Yeah, yeah. Obviously it will be either gain, neither loss, you know, because lot of things are dependent on war situation also. But yes, we remain very calm in this. Like we are not too much big speculator that if the war goes, you have to buy extra quantity and then remain the same. So I think we are very moderate with that because we are focusing only on the manufacturing these things. And by grace of God I think the raw material suppliers are also supporting us. Whether price goes up or goes down, we are supplying it at reasonably good to us.

Karan Thakur

So basically what I am trying to understand is that since the raw material itself is up 30% year

Operator

On year

Karan Thakur

In FY27. So the 30% revenue growth guidance that you gave for FY27, is it volume growth or is it revenue growth?

Operator

I think you have, you’re mistaken on some of the part. I’ve never said here on year. I just said the last war situation had become 40% and now it is 30%. It is not remain the same any situation. If it is a 30 or 35% there will be a huge problem with India.

Karan Thakur

Hello,

Operator

With the India. And so it cannot be remained 30%. So it will definitely come within one or two months it will be normalcy will come up.

Karan Thakur

Okay, so we are expecting a further reduction in raw material price.

Operator

Hope so.

Karan Thakur

Okay, understood. So. So for FY27, what is our revenue growth target?

Operator

Yeah, I think I just now I said we are targeting around 30% growth.

Kashmira Dedhia

So that’s what I’m asking you. 30% is revenue growth or volume growth?

Operator

Both.

Kashmira Dedhia

Okay, so that means you are. Listen. My,

Operator

My, my. This revenue growth is also not significant increase because of the rate increase. Okay, so. So we are till February it was remain. It was the same amount of HDPE rate. Even in the next coming year also it will be before war situation rate will come up. And we are talking on the same volume only

Karan Thakur

Sir.

Operator

So just to get Clarity, last year FY26

Karan Thakur

We did around 21,000 tons. Now this year FY27 are we expecting to do somewhere around 27,000

Operator

Tons? Yes sir, we are already coming up with the expansion unit 4. We have already started. There also some expansion will come up. Some. As you see a growth in our operational efficiency there also will come up. Our IBC project is also coming up. So definitely there will be growth.

Karan Thakur

What is the capex for this financial

Operator

Year after 27 we will announce that very soon. Okay. And sir, now again we are going into FDC. So basically we are expanding capacity. 84 revenues come from container only. And FBC is also container. So the FBC margin is it higher than the current containers that we are making?

Karan Thakur

I’ll correct you, it

Operator

Is not fbc, it is ibc.

Karan Thakur

Yeah, yeah. Ibc. I meant that only.

Operator

Yeah, yeah, yeah, yeah. It is a good margin. As many less player in this and hope that. Yes, we. Our. Our.

Karan Thakur

Yeah. We can

Operator

Get the

Karan Thakur

Better margin. Yes, for that.

Operator

So basically IBC margin should be better than the current container. What we are doing in the current container division. Yes. Okay. And can you quantify

Karan Thakur

That how exact, how much exactly the margins you are expecting to be higher.

Operator

We will be very early into this. So let us. Let us come up. We have just announced this project and as we said we’ll come up with the quarter two. So once we come up we will. We will share a lot of things.

Karan Thakur

Okay, Understood. Now sir, if we compare since we are predominantly 84% is container only and time

Operator

Technoplast is also container. So they are doing 15% EBITDA margin very stably. So what is how come our margins firstly are so low as compared to them for the same product. And then how is there so much volatility? I would not like to comment on any competitor. Sorry. Sorry for that.

Kashmira Dedhia

No, no sir, I’m not asking you to comment on time Technoplast margins. I am asking you to comment why your margins are lower than your competitor who is in the same product.

Karan Thakur

After

Kashmira Dedhia

All we compare you with the industry

Karan Thakur

Leader only

Operator

To give answer on this. Sorry, we are at a. As I said in my all calls, I’m saying We are doing better. You can see all my quarters. We are doing little better on every quarter to quarter. That’s all I can say,

Karan Thakur

Sir. So now this EBITDA that we did around 14 crore in last quarter and around 10 crore in third quarter. Sir. So going forward on a quarterly basis can we expect ebitda somewhere between 10 and 14 crore. Let’s say 12 crore average. Is it sustainable number per quarter?

Operator

So. So I just now the last question. I said the 10% is sustainable. Very, very sustainable. So minimum 10% will sustain as of all the quarters we were below 10%. And we will make sure that minimum 10 plus margin should be there. Yes, we will try to achieve more than 10% for sure.

Karan Thakur

Okay. Sir, one last question. I don’t want to repeat the same question but just for the understanding. Sir, you see the raw

Operator

Material prices. If the prices sustain at these levels or let’s say increase further then in which case our revenue will. Even if the volume is same the realization will go up. Right. Now if the realization goes up then. So basically higher raw material prices is good for us. Because we are talking about operating margin being minimum 10%. Right. So the higher the raw material cost the higher the revenue and the margin will be 10% and

Karan Thakur

Vice versa. So if the raw material prices go down, revenue goes down. The margin will still remain 10%.

Operator

Yeah. Sir, I. I appreciate your calculations. But as I said again in this price India will not sustain for sure. And if any chance the war extend and if this price remains. Yes. Then we also will have our turnover and everything will change as per whatever the prices remains.

Karan Thakur

Sir, what I am asking is whether operating margin is the right way to look at it or EBITDA

Operator

Per ton is the right way to look at it. Because if the price raw meter price goes. Yes, please go on. Okay, understood. And sir, one last thing. Sir, can you shed some light on that Whatever hospital bed this thing we did with the poll polish company. What exactly are we supplying? How big can the

Karan Thakur

Revenues be?

Operator

Yeah, good question. So see we have tired with the as a global supplier to them. They have a. They are world leader. I think they come in the top three companies in the world. And we have tapped with the to supply them world over. So I think three to four designers already passed and maybe many more are on the way. So the revenue is big enough. But you know it will be. This is a capital item. So to say any revenue is very difficult. But I can say however my 16 or 17% contribution in Pharna stock will remain the same that’s what I can say for sure.

Although we are increasing business in container, my this business will remain the same. Because this is also expanding.

Karan Thakur

What is the other segment? One is container, one is furniture. And what is the other?

Operator

That is an infrastructure product.

Karan Thakur

So we make chairs, tables.

Operator

Okay, so the margins are highest in furniture then in infra then in container. Is that spelling correct?

Karan Thakur

Furniture and intra is almost the same margin.

Operator

Furniture and intra are the same margin. Okay, understood. Thank you very much. Thank you.

Karan Thakur

Thank you. Next question is from the line of Ritesha, an individual investor. Please go ahead.

Operator

Hello.

Karan Thakur

Yes, please proceed.

Operator

My first question is that with our four units now online. What is

Karan Thakur

Our targeted incremental asset turnover for this new capacity?

Operator

Sir, sorry, your voice is not your. Can you speak little louder?

Karan Thakur

Okay, so my question is with our four units now online. So what is our targeted incremental asset turnover for this new capacity?

Operator

It will be. I. Honestly speaking I. We have not gone over the that. That ratio because in a base manner we are doing. I think Kashmira will be able to tell you exactly

Kashmira Dedhia

More or less. We try to keep it as an. As a 4 fixed assets turnover ratio. What you are asking. So by the time all the installed capacity, all the machines will come and we come to the normal capacity utilizations it will remain more or less Same near to 4 to 5.

Operator

Okay. Because our current network average is around 1.7 dx. Do we expect it to surpass this by the time you hit thousand credit revenue in the targeted in FY28.

Kashmira Dedhia

So can you repeat which ratio you are talking about Current.

Operator

I mean our current network average. I mean the average around all the peers it is around 1.70x times. Sorry,

Karan Thakur

Average

Kashmira Dedhia

Turnover ratio is 3.70.

Operator

Yes, yes, yes. I’m asking if we can expect to surpass our current network average which is around 1.70. So when we will be thousand crore revenue, it will be more than four. But you know I always say that less the plan start and then maybe we can have a lot of things, you know, on the surface.

Madhur Rathi

Okay, okay.

Operator

And.

Karan Thakur

And if our higher margin export demands

Operator

Scales slower than expected. So what is the minimum utilization rate

Karan Thakur

Required

Operator

To keep this new capex from diluting our margins?

Karan Thakur

Sorry, come again. What is the question

Operator

If our high margin export demands scales slower than expected. So what is our minimum utilization rate that is required to keep this new captites from diluting our current margins? 40.

Madhur Rathi

Sorry,

Operator

40. 40 to 45%.

Madhur Rathi

Okay, okay, okay. And our current ratio is around

Operator

ROC is around 16.26, right? So what is our specific internal hurdle rate for your voicear and Tara for expansion? What is our

Karan Thakur

Harder rate? Internal harder rate.

Operator

One request to you if you can keep your device little away from your mouth because when you are speaking it’s coming echoing.

Madhur Rathi

Okay,

Karan Thakur

Let me just. Okay.

Operator

Is my voice little clear now?

Karan Thakur

Yeah. Okay.

Operator

Yeah. So I was asking as our ROC is 16.26 around. So what is our specific internal hurdle rate for our bolster and para expansion?

Kashmira Dedhia

Can you just explain what you exactly want sir?

Operator

Weight means what is like a threshold limit for our new project?

Kashmira Dedhia

Okay, so you mean to say from new project what ROC we are going to maintain. Yeah,

Madhur Rathi

What is. What is it? Yeah,

Operator

Yeah. So definitely see the IBC project is another small project. It’s a very very big project and maybe as I said we are coming up with a Q2 lot of information. We will share that time because many things will be clear.

Karan Thakur

Okay. Okay. And how will you protect your RO TR

Operator

If any sudden spike in our polymer inputs cost that delays our EBITDA break even?

Kashmira Dedhia

So basically we always try to pass on the rates whenever there is an increase or there is a decrease maybe there will be a small time gap.

Operator

Okay. Okay. Okay. Just let me get back into the queue again. Thank you.

Karan Thakur

Sure.

Operator

Thank you. Next question is from the line of Saurabh Pakwa from Quest Investment Management. Please go ahead.

Karan Thakur

Audible.

Operator

Yes,

Karan Thakur

Hello. Thanks a lot for taking my question sir. So just wanted to get your sense on. Get some sense from you on. You have a long term target of reaching aspirational target of reaching close to thousand crores of revenue. So can you just throw some light on how do you plan like when you reach that? What are the things you should need to build in during this process at the thousand court? What kind of revenue breakup you would have in terms of the hospital furniture business as well as packaging.

What is the trajectory you think and what can be the risk and what are the risk you think would be you would foresee during the journey?

Operator

Okay great. So currently I mean let’s see we are in Mitsu, we are adding more customer for a better profitability and better visibility. So this year we have added more than 175 customers in last year for better margins, better profitability because we have to you know always go for better margin and better practice. Now coming back to your question that what will be the share of so thousand crore when we are seeing minimal is like you know we are thinking for 20% as whatever the growth plan what we have discussed.

So I think hospital and Intra will be around 20% out of that 15 to 20% will be minimal minimal of this and the rest will be container and packaging items.

Karan Thakur

Okay, so that means that the hospital furniture business grow almost 78x from what it is currently.

Operator

Yes, we are already exporting many of the countries and now export hasn’t yet started like on a peak.

Karan Thakur

Okay, and what are the your manufacturing capabilities for the bank business? So you need a lot of investment there to reach that level.

Operator

So we are, we are capable enough to supply whatever the this is gave a good capacity and obviously we are also expanding because our packaging line is also getting expanded. So so definitely there will be as a, there will be expansion for sure. But we are quite know what we will require in future terms. We are ready with the infrastructure. So right now we are ready with the all the infrastructure like building land, building everything.

Karan Thakur

Okay. And this, this would be suffice enough to reach what, what kind of revenue that, that’s when you would need more investment?

Operator

Yes sir.

Karan Thakur

So you think that’s being able to reach by thousand crore with this kind of. You need to do capex for that.

Operator

We will require capex for sure.

Karan Thakur

Yeah. So what is the kind of capex you would require, sir?

Operator

Good question. So we will definitely announce step by step. So every year we are coming, I mean you can see quarter to quarter, we are announcing many of the things this also will be announced very well.

Karan Thakur

Okay, just one more question on this. How manufacturing process would be different from these two businesses?

Operator

As in like are the capacity fungible depending on the demand that you have or any approvals which you would require for the growth of this furniture business because

Karan Thakur

You already tied up with one of the larger players globally whom you have started exporting. Can you just throw some items which will help us to understand this business more and better?

Operator

Yeah. So Amlik, there’s a vast difference between these two. The raw material from the start with the raw material, the process, the labor years work and lot of attachment, lot of assembly and everything required. It’s a huge labor years work and a huge assembly required in that. And definitely some countries take six months, some countries take one year to you know, approve the samples.

Madhur Rathi

So these are done by the local government approval. So you saw since you

Karan Thakur

Are supplying to your one large one of the larger global players, the approvals are taken by them. Or is it like plant level approvals are required.

Operator

So you know, generally we are only supplying a part. So generally approval has been taken by our customer in India and internationally both. But we have to adhere Their norms. So you know, every company has a different. Different norms. Every country has a different, different norms. So I think we have to adhere their rules and regulation and we have to supply accordingly.

Karan Thakur

Okay, thanks a lot sir. And all the best.

Operator

Thank you. Thank you sir. Thank you. Participants, to join the question queue you may press star and 1. Next question is from the line of Rohit Suresh from Samatwa Investments. Please go ahead.

Karan Thakur

Good afternoon, sir. Thank you for the opportunity. So my first question is on the IBC part that you announced so by when will we have the plant ready?

Operator

Sir, you need to repeat the question. I’m sorry, your voice. Yeah,

Karan Thakur

No, I’m. I’m asking on the IBC plant, by what is the timeline like by when do you expect it to be fully functioning? We

Operator

Have already announced that Q2 we will start.

Karan Thakur

Okay. And so in terms of volumes. Sorry I missed it. How big will the plant be in terms of volume?

Operator

Did not understand.

Karan Thakur

Capacity. The capacity of IBC capacity.

Operator

Sir, we will. We will be very soon. We will. We will announce lot of things. See, the project itself is a very, very big project. Let us come up with that project. I think. That’s a. That’s a really good project. Definitely. And good revenues also. And fine. We will. We will share I think many of the things once by Q2 we will. We will announce in the detail.

Karan Thakur

Okay, so just one clarification on the EBITDA margins. Is it fair to assume the higher margins in this quarter was due to the raw material pricing benefit that we had?

Operator

So both it was a mix of these things and even the so somewhat part is. Yes.

Karan Thakur

Okay. Okay. Thank you.

Operator

As soon as benefit has been come up the same way, it will be reversed also sometime.

Karan Thakur

Got it. Let’s see

Operator

How the situation goes on.

Karan Thakur

Thank you so much. Thank you.

Operator

Thank you. Thank you. Next question is from the line of akil Parik from 361 Capital. Please proceed.

Madhur Rathi

Just two questions from my end. One is our guidance of project growth for next year FY27. Is it based on any order book visibility or is it. It’s more of an aspiration at this point. That’s my first question.

Operator

Need to repeat, sir,

Madhur Rathi

I’m saying the 30% growth guidance for FY27. Do we have an order visibility for that kind of a growth or is it more of an internal target or aspiration at this point of the time?

Operator

Yeah, because see as you know that in the blow molding company most of the things like it is never more than, you know, order book for more Than one month. So definitely it is the planning only. And as we have a number of customer with us and number of historical data with us on that basis only we assume that.

Madhur Rathi

Got it. Got it. In 30,000 roughly 450 crore roughly revenue for next year which implies roughly around 110 crore of quarterly revenue. So we expect that to start from 1Q itself or it will be more towards the second half of the year.

Operator

Okay,

Madhur Rathi

Second half. Second.

Operator

Yes. Yes.

Madhur Rathi

Okay. That’s all from myself and best.

Operator

Thank you. Thank you. Next question is from the line of Shakshi Sindhi from Shah Consultancy Ltd. Please proceed.

Madhur Rathi

Hello. Firstly very powerful good setup number. So I have few questions like how. How should we think about the revenue bridge from here to thousand zero target by 28 or let’s say 29 basically. And what proportion of that growth is wasn’t driven versus realization leg. And as you scale RVP and furniture alongside your core segments.

Operator

Thank you very much for your conversation number one. Number two I think you asked me what are we can repeat that question second and third Sorry your both questions if you can say one more time.

Madhur Rathi

Yeah the thing is I just wanted to understand that specifically what proportion of the growth is volume will be volume driven versus realization rate. And as you scale your the diseases like Funistra and IVC alongside your core segments.

Operator

So you mean to say the turnover versus EBITA margin. Yeah, as I said in my talk. So like you know see when we are growing so so definitely it will be 10 plus. So it’s not like you know 10% so higher the turnover we will definitely will have a better margin for sure. Right now our focus from last one year our focus is on a better profitability only. And that’s what we are we are doing. So turnover. Yes we will definitely we have a good plans which we are executing little slowly as we do not want to compromise our margins.

You know I can just haphazardly just say all these things and can do that and then the margin sacrifice which we did not want hence we are doing little cautious and slowly. So to remain our margin because I believe we want to be a sustained in the margin. That’s very important.

Madhur Rathi

Yeah that we can see sir. As even though revenue was a slight cut, you have maintained the margins and it is up. And my also I just want to understand how does the mix evolution alter the blended realization. And within that are there any segments where you are consciously trading volume for margin or vice versa.

Operator

So we have three verticals as you know one is packaging the second one is hospital furniture and others where we have intra so furniture and others will remain the last year was a 16% and other was 84% as by going growing you know the projections is something like 20:80 ratio so 20% of our furniture and other parts and and about the containers will remain around 80% packaging and containers

Madhur Rathi

Good to I think this is from my side looking forward.

Karan Thakur

Thank you

Operator

Thank you participants to ask a question you may press star and one. As there are no further questions from the participants I now hand the conference over to Mr. Karan Thakur for from Kirin Advisors for his closing remarks over to you sir

Karan Thakur

Thank you everyone for joining the conference call of Mitsuk and Plus Ltd. If you have any further queries you can write to us@researchirin advisors.com Once again thank you everyone for joining the conference

Operator

Thank you so much sir on behalf of Kirin Advisors that concludes this conference thank you all for joining us and you may now disconnect your lines It.