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Pyramid Technoplast Ltd (NSE: PYRAMID) Q4 2026 Earnings Call dated May. 13, 2026
Corporate Participants:
Soumya — Investor Relations
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Analysts:
Dipesh — Analyst
Unidentified Participant
Saket Kapoor — Analyst
Ganesh Nagasekar — Analyst
Presentation:
Soumya — Investor Relations
Hi everyone and a very good afternoon I welcome you all to Pyramid techno class Q4 and FY26 con call please note that the discussion on today’s call may include certain forward looking statements and must be therefore viewed in conjunction with the risk pertaining to the business we have on call today Mr. Vijay Kumar Agarwal the Managing Director and Mr. Jay Prakash Agarwal CFO and whole time director so I now request. I would like to hand over this call to Jay sir to proceed with the opening remarks post that we’ll open the floor for Q and A thank you and over to you sir
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Yeah hi thank you Soumya Good afternoon everyone thank you for joining again and it is very very warm welcome everybody thanks for joining so let me. We have just concluded Our financial year 2026 so let me have a brief about it so this has been a year for Pyramid Technoblast as we successfully concluded a major phase of capacity expansion across all the products with these capacities new operation we we further strengthened our manufacturing capacities and are well positioned to support future growth while driving better operational efficiency and profitability so our installed Production capacity increased 22% year on year to 76,931 metric ton per annum reflecting successful execution of our expansion strategy Capacity utilization during the quarter improved to around 90 69% and as and we expect this to gradually move closer to 80% in the next financial year with the completion of this expansion phase Our major CAPEX cycle is now largely behind us and we expect only around 20 crore of maintenance and balance capex during financial year 7 the VADA plant is now fully operational across IBC, SDP and Ms.
Drum segment during FY26 it has a contribution of around 65 crore of revenue and we expect higher conservation going forward as utilizations continue to ramp up Current utilization levels at plants stand at around 72% for HDP drums 68 for IBCs and 51% for Ms. DRAM the revenue potential for first phase which has been completed is around 200 crore in infrastructure has been built for second phase and going and only machines will be added as the demand will increase and it has a potential to go up to 400 crore on the recycling front our plastic recycling plant processed around 200 metric tons during the quarter which I would say largely into a testing cycle we are currently awaiting the final license approval from the Pollution Control Board Board government agency which is expected by June July 2026 as you know the plant has an annual capacity of 5,000 metric tons and is expected to meet around 10 to 12% of our raw material requirement while reducing import dependence over the time.
Our Captive Solar power initiative is also progressing well. The initial 6 megawatt plant in Gujarat commissioned on October 30 forms part of larger 15 megawatt solar project spread across Gujarat and Maharashtra. Subsequently an additional 5 megawatt capacity in Bruce and 2.25 megawatt in Maharashtra where come is commissioned on 2.2.2026 while the remaining 1 megawatt in Baruch is expected to be added shortly. The this project backed by a total investment of around 60 crore and is expected to reduce annual power cost by around 15 crore and we are expecting first year to be around with an estimated payback period of around 4 years.
The contribution for Q4FY26 was only 1.5. Coming to the segmental performance for Q4FY26 on a year on year basis Ms. Drum revenue grew 29 supported by strong volume growth of Revitals HDP drums revenue increased 20% with volume growth of 8%. IBC segment delivered 5% revenue growth along with 6% volume growth and 5% revenue growth before moving to detailed financial performance. We are pleased to share that during Q4FY26 our revenue grew 15% year on year basis while PAT grew 52% on year on basis.
This performance was driven by healthy demand, improving operational operating leverage and the benefits of having our expanded infrastructure fully operational. During Q4 FY26 revenue stood at 196 crore registering 14% year on year growth while FY26 revenue increased 15% to 684 crore. Gross profit grew strongly 33% year on year basis to 56 crore during the quarter. Can I continue? The gross profit grew around 33% year round basis to 56 crore during the quarter and by 28% year on year to 186 crore for financial year 26 more than 2/3 of the incremental revenue growth.
Growth across product categories was driven by by higher volumes and an improved product mix along with a positive realization impact. EBITDA for the quarter increased 68% year on year basis to 20 crore while FY26 EBITA rose 26% to 59 cr. EA margins for the year improved to 8.6 crore from 7 8.6% from 7.9% demonstrating healthy operating leverage across the business. PAT for FY26 to 29 cr with margins at 4.2% despite higher interest and depreciation cost arising from the commissioning of new capacities.
This improvement was primarily supported by better utilization levels across all drum categories. So with the expansion phase now substantially completed, substantially lead cost initiative gradually coming on stream and utilization levels steadily improving, we believe Pyramid is well positioned to deliver meaningful operating leverage over the coming quarters. We remain confident in our ability to drive consistent growth, improve profitability and long term value creation for all shareholders and stakeholders.
Thank you so much. Now I’m open opening the floor for the question and answers. Thank you so much.
Soumya — Investor Relations
Thank you, sir. Yeah. I request the participants to please raise your hand for for the Q A first question we have from Dipesh Sancheti. Please go ahead.
Questions and Answers:
Dipesh
Yes, sir. Am I audible?
Jaiprakash Agarwal
Good afternoon, sir.
Dipesh
Good afternoon sir. We are from JG Good After JG sir, congratulations. First of all watch results and just wanted to understand. Okay because last quarter 45 days. 45 days of inventory since the prices have gone up a lot.
Unidentified Participant
Inventory come over here.
Dipesh
Okay okay. So so definitely inventory gain plus or again rate has right now what is the rates. Or conversion? 20 rupees. 25 rupees.
Unidentified Participant
25 rupees
Dipesh
25 rupees.
Unidentified Participant
It has increased the margin.
Dipesh
Okay. Okay. So great. And so is there any other particular 20cr so as and when required particular.
Unidentified Participant
It is largely to add machinery as in demand demand comes for maintenance Otherwise there is no major capex requ.
Dipesh
Right. But. How are.
Unidentified Participant
Due to price increase,
Dipesh
Right? Great. Great, sir. All the very best, sir. B Questions Next. Thank you.
Soumya
Thank you. Next question we have from Saket Kapoor. Please go ahead.
Saket Kapoor
Meaningful changes current year may because of the improved utilization levels so this Versaille Depending upon how currently the crude prices are behaving up EBITDA margin key trajectory business risks articulate so currently. Diesel price.
Unidentified Participant
Take price burning.
Saket Kapoor
Other than that.
Unidentified Participant
Business. This business will continue forever.
Jaiprakash Agarwal
If any chemical company wants a packing material they will definitely come to us so there is no risk as such we will keep on serving this industry forever and will.
Saket Kapoor
Sir taking into account what should be the current EBITDA margin trajectory now and. Utilization levels 80%. Okay. In terms of inventory dilute meaningful number how should we look into it? The inventory gains. Just a ballpark understanding. Expanded capacity higher margin product. Polymer drums Ms. Drums ibc business vertical way on expanded capacity and on an improved utilization. Okay. Financial numbers end of the year may especially sir long term borrowing to solar but short term borrowing significantly ramp up.
Unidentified Participant
Both being clean grade malata important payment hora malana band.
Saket Kapoor
Expanded capacity. Depending upon figure out.
Soumya
Thank you Next question we have from Saurabh Kumar. Please go ahead.
Unidentified Participant
Hello sir. Hello. First thanks for the great result. I think margins so thanks for the good results. I think IBC 61 62% utilization pay or polymer drum 71. Okay. Okay. In okay okay or sir debt may short term debt Working capital Just working capital expect. Okay or sir. Okay. Okay. Chemical industry at least India because of China pressure performance. What has worked for us or Dusra. How do you see chemical industry going forward?
Jaiprakash Agarwal
If we are increasing then based on their sales we are increasing.
Unidentified Participant
Got it sir. Got it. Thanks a lot sir. My feel secure now. Thank you so much.
Soumya
Thank you. Next question we have from Pratik Devia. Please go ahead.
Unidentified Participant
Hello. Okay. Okay. Thank you. So congratulations sir. I think last quarter say Joby promised here the quarter might deliver. So congratulations on that. On the gross margin. On the EBITDA margin. Slide number 17. Okay. Employee expense. Okay. Okay. Okay. All right. Okay. Take care sir. Thank you.
Soumya
Thank you. Request the participants to please raise their hand for questions. Next we have saket support. Please go ahead.
Saket Kapoor
Hello. Yes sir. Kam other states maybe grow Karnakali.
Unidentified Participant
We are exploring in both ways. Location as well as product mix also. So very soon we will come back on
Saket Kapoor
Correct and recycling. Okay.
Jaiprakash Agarwal
It has a good potential sir. Just waiting some license. Very soon we will adding capacity there also. We will start collecting waste from the market. This is where we are waiting right now.
Unidentified Participant
Hello.
Soumya
I think there is some Internet issue. From your end we can hear the. Okay. Okay. I just correct it. Yes
Saket Kapoor
I’ll correct it Just a second.
Soumya
Take second.
Saket Kapoor
I just shift. Shift it because.
Soumya
Sir we can take next question by the time Next question we have from.
Saket Kapoor
Sorry.
Soumya
Thank you. Next question we have from Saurabh Kumar. Please go ahead.
Unidentified Participant
IBC or business last 17 to 24% 5 to 9% say so future Agaram long term they can next 3 year 5 year IBC. Because per kilogram I think 127 beautiful. Okay. Or sir IBC domestic 40% market share. I think Baki other big player is time Technoplus. So is it technology? Technology. Okay. I think 120 crore. Okay. Okay. Thank you sir. And best pleasure sir.
Soumya
Thank you. Next question we have from Ganesh Nagasekar. Please go ahead.
Ganesh Nagasekar
Hello sir. Congratulations Result double digit marginally hit. Kim.
Unidentified Participant
Inventory loss.
Ganesh Nagasekar
Supplier. Also Second question. Thank you so much.
Soumya
Thank you. Next question we have from Pratik Devia. Please go ahead.
Unidentified Participant
Raw material procuring or licensing. Final touch. Okay. Margin impact next. Abe direct plant value say Joe use Karthi Chemical Chemical Valley purchase Karpa Plant.
Jaiprakash Agarwal
That is how ultimately directly without middleman we will start procuring material.
Unidentified Participant
The squad. Okay. Or sir Iska impact Hamari Tino segment Medicaid. Okay. Thank you sir. Okay.
Soumya
Thank you. Next question from Ganesh Nagar Sekhar. Please go ahead.
Ganesh Nagasekar
Thank you. Thank you.
Soumya
Next question from Saket Kapoor. Please go ahead sir.
Saket Kapoor
Conclusing conclusion. Sourcing locally. Mainly polymers and resins and
Unidentified Participant
Hd.
Saket Kapoor
Okay. Gross profit margin level. So year basis. Taking into account expanded capacity. Operating leverage. Recycle cap benefit. Solar car benefit accumulate.
Unidentified Participant
My friend. Business.
Saket Kapoor
Employee cost. So expectedly. Okay. As kmps Apki drawn amount Kitna repair Total employee cost. Employee cost me. Okay.
Jaiprakash Agarwal
Think. That is why we are calling it. Meaning we are not leaving any stone untouched Recycling. So that is why we are creating an environment. Maximum maximum shareholder. Maximum maximum return. We might announce. Furthermore. That’s. That’s.
Soumya
Thank you. Next question we have from Saurabh Kumar. Please go ahead
Unidentified Participant
Sir. It’s quarter May almost sir. I think 43 days last week. Challenging times Anawala. So sir. Upload on ground business. Kara experience normal children. Business may have short term challenges. Demand supply logistics. Okay sir. All right. Last question. Operating cash flow. Operating cash flow. Short term debt pay up. Operating real operating cash flow. 65. 66% conversion ratio. Okay. Okay sir. So future plan long term. Okay sir. Thank you a lot sir. Sorry questions cancel. Thank you.
Soumya
Thank you. Next question we have from N. Please go ahead. Next question we have from Mayan Sanghai. Please go ahead.
Unidentified Participant
Quality. Same quality. Difference. Okay sir. Thank you.
Soumya
Thank you. Participants who wish to ask questions. This is our last call. So you may kindly raise your hand. We’ll wait for two minutes. If anybody has questions or otherwise we’ll just close the call. Okay sir. I think we are good. I request Jai sir to kindly your closing remark and then we are good to wrap the call.
Unidentified Participant
Thank you Sonia.
Jaiprakash Agarwal
Well thank you all the participants for your inside questions. Thoughtful. Thoughtful. Created by you and we. We always learn a lot by this question and answers. And should you require any further information Please feel free to reach us through our relationship. Somalia Go India advisor and we sincerely appreciate your continued interest in our com. In your company Pyramid Technoblast. And looking forward to stay connected and keep on giving good results like this important basis. Thank you so much.
Thank you. Namaste.
Unidentified Participant
Thank you. Thank you everyone. Thank
Jaiprakash Agarwal
You. Somo.
Unidentified Participant
Okay. Thank you. The recording has stopped.