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 Thakur — Investor Relations
Kashmira Dedhia — General Manager, Account and Finance.
Analysts:
Madhur Rathi — Analyst
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 Thakur — Investor 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 Dedhia — General 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.