RAJSHREE POLYPACK LTD (NSE: RPPL) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Ramswaroop Radheshyam Thard — Chairman & Managing Director
Analysts:
Unidentified Participant
Presentation:
operator
Ladies and ladies and gentlemen, good day and welcome to the Q1FY26 conference call to discuss operational and financial performance for Raspy Polybag Limited. As a reminder, all participant lines will be listen mode only and there will be an opportunity for you ask questions. Please note that this conference is being recorded today. We have with us Mr. Ram Saroop Thaad, Chairman and Managing Director and Mr. Sune Zerma, the Chief Financial Officer of the company. I will now hand over the call to the management for their opening remarks after which we will open the floor for questions.
Thank you and over to you Mr. Ramshorup Thar.
Ramswaroop Radheshyam Thard — Chairman & Managing Director
Thank you. Good evening everyone. Welcome to the Q1 FY26 earning call for Rashree Polypak Ltd. It’s great to have you all here. Joining us from Rashri Polypack is Mr. Sunil Sharma, our CFO. I hope everyone has had the chance to review the investor presentation which offers a detailed overview of our quarterly performance. For quarter one FY26 we achieved the turnover of rupees 82.52 crores compared to rupees 78.70 crore for the same quarter last year reflecting a growth of 4.85%. The EBITDA for quarter one FY26 stood at 12.08 crores up from rupees 11.59 crores for the corresponding quarter last year.
There is a marginal decrease in the EBITDA margin from 14.72% in Quarter 1 FY25 to 14.64% in Quarter 1 FY26. Additionally, the company earned a profit after tax of Rupees 4.10 crore for the Quarter 1 FY26 compared to 4.03 crore for Quarter 1 FY25. In terms of geographical sales, our export business delivered a robust performance rising from Rupees 9.19 crores in Quarter 1 FY25 to 13.40 crore in Q1 FY26. A healthy 45% year on year growth and now contributing around 16% of our total revenue due to early monsoon this year, the domestic demand for the packaging product was subdued with domestic sales remaining resilient at 69.12 crore as compared to 69.51 crore in Quarter 1 FY25.
Due to the underlying strength of our customer base and distribution network, we expect to grow the business despite the challenging market environments. Looking at a product wise revenue breakup, sales of Thermoform packaging product decreased by 1.6% from 55.10 crore to 54.22 crores primarily as mentioned earlier due to early monsoon while sheet sales saw a moderate increase in about 3.33% from rupees 14.690 crore to 15.18 crores. The injection molding segment has been growing consistently and we generated 12.86 cr in revenue this quarter, a significant increase of 106% from rupees 6.24 crore in the same quarter last year.
On the capacity front, we expanded our thermoforming capacity by 600 metric and taking the total to 12,120 metric ton further strengthening our ability to meet the growing demand. Capacity utilization levels remain strong across segment with extrusion at around 94%, thermoforming at 82%, printing at 93% and injection molding at 115%. Further, I am glad to inform you that the company has commenced production at Unit 3 Daman during this quarter. The unit shall primarily focus on manufacturing pet packaging products meant for distribution in domestic market as well as exports. At the same time we are also enhancing injection molding capacity from 3,300 metric ton per annum to 4,800 metric ton per annum to cater the fast growing demand of the product.
The expanded capacity has already become operational in the ongoing quarter as we speak. We have also added sheet extrusion capacity of 1800 metric ton per annum and thermoforming capacity of 650 metric ton per annum in the ongoing quarter at unit 3. In terms of product development, I am pleased to share that we have developed and introduced six new products during the quarter across food packaging segment. We also added nearly 31 new international and domestic customers in quarter one FY26. On the marketing front, we attended National Restaurant Show Exhibition at Chicago in May 25 where the response has been encouraging.
The company is working hard to convert this positive response into more export sales in near future. In case of Olive EcoPac, the company has delivered a turnover of approximately 7.85 crore during quarter one FY26, compromising export sales of 0.96 crore and domestic sales of 6.87 crore. This is lower than expected primarily due to overall slowdown in food service segment which generally is a weak quarter for the industry as a whole. The EBITDA loss for the quarter stood at 1.76 crore compared to EBITDA loss of 0.79 crore in the corresponding quarter last year. Capacity utilization for the Olive Eco pack remained at 454 metric ton for converting and 393 metric ton for coating.
With the festive season we are expecting demand uptick during upcoming quarters. Further, Olive is receiving export orders from multiple countries which also contribute to the overall business momentum. With that I look forward to your questions.
Questions and Answers:
operator
Anybody who wish to ask the question can raise the hand. Any participant wish to ask any question can raise the hand.
Ramswaroop Radheshyam Thard
Yeah, very much. Vishendra.
Unidentified Participant
Hello.
Ramswaroop Radheshyam Thard
Yeah you are audible Vishwindra. Hello.
Unidentified Participant
Hello.
Ramswaroop Radheshyam Thard
Yeah you are audible Vishwindra. Go ahead.
Unidentified Participant
So I wanted to ask what is the current capacity utilization for each segment that is injecting, molding, extrusion and thermal forming segments?
Ramswaroop Radheshyam Thard
Can you be little loud? Your voice is not very clear. Vishwendra, can you be little louder? Kunal, can you unmute Vishwinder? Yes sir. Yeah go ahead.
Unidentified Participant
Hi sir. So I wanted to ask what is the current capacity utilization for each segment that is Injection molding, extrusion and thermoforming segment.
Ramswaroop Radheshyam Thard
Yeah, Extrusion is at 94.22%. Thermoforming is approximately at 82%. Printing is at 93% and injection molding we stretched 251%.
Unidentified Participant
And so are you expecting any further capacity expansion for any of the three segments that we have introduced?
Ramswaroop Radheshyam Thard
As my. As I mentioned in this speech we have increased our injective molding capacity in 3300 metric and we have also added 1800 metric ton per annum and thermochronic capacity of 650 metric ton unit 33 plus. We look forward to adding capacity of 500 per annum two months and a new innovative technology of paper wrap around of 240 per annum.
Unidentified Participant
So are you planning to introduce these in the current fiscal Sir?
Ramswaroop Radheshyam Thard
Yeah, within next quarter we plan to introduce this tool, this capacities capacities and like.
Unidentified Participant
Do you have a internal ballpark revenue contribution from these in this year?
Ramswaroop Radheshyam Thard
Yeah. Can you repeat that?
Unidentified Participant
Are you expecting any revenue contribution and if yes, how much can it contribute? These new tube lines.
Ramswaroop Radheshyam Thard
Yeah. For injection molding we. We expect around 20 to 25 crores of revenue and additional thermoforming, sleeving and feature wraparound. 10 to 15 crores.
Unidentified Participant
Additional 10 to 15 crore from paper.
Ramswaroop Radheshyam Thard
Yes. Leaving paper wrapper. Okay.
Unidentified Participant
And on the joint venture I wanted to ask what is the revenue for this quarter and what was the EBITDA loss for that joint venture?
Unidentified Participant
Revenue was 7.83 crore and EBITDA loss was 1.76 crore.
Unidentified Participant
Can you please repeat sir?
Ramswaroop Radheshyam Thard
7.83 crore revenue and EBITDA loss was.
Unidentified Participant
And you were targeting that the joint venture will break even this fiscal. So are you going ahead with that guidance?
Ramswaroop Radheshyam Thard
Yeah, we were looking to break in quarter two, quarter three. We feel it may be delayed by one quarter. But looking at the order book currently what we are having we definitely foresee to break even in quarter three or quarter six.
Unidentified Participant
And lastly I want to ask about your exposure in the US market. So this current tariff situation, does it impact our revenue guidance for this year?
Ramswaroop Radheshyam Thard
We are monitoring the situation. Our overall expense to us last quarter was around 9 to 10 crores. So we in short term we foresee maybe 50% of the revenue may be impacted. But we can cover that with the change in domestic market and other countries. And we are also working on some mitigate this risk in long term due to tariff.
Unidentified Participant
Okay, so despite this tariff situation you are strong on your guidance of 15 to 20% top line growth?
Ramswaroop Radheshyam Thard
Yeah, we we have given guidance of around 363 on the top line for this financial which. Which still remains intact.
Unidentified Participant
Answer on the EBITDA margin side you guided for an improvement of 1 to 2%. So are we looking at that as well?
Ramswaroop Radheshyam Thard
We’re looking around 15, 15 and half percent. So we where at 1330. So gradually 14 and a half we are looking at 15 and a half percent EBITDA in next two quarters.
Unidentified Participant
Okay. Lastly I wanted to ask what is the total exposure towards a joint venture both loans and investment equity investment.
Ramswaroop Radheshyam Thard
We have invested around in terms of equity and unsecured loans. And the total loans are term loans around 67 and CC limit is around 30.
Unidentified Participant
Okay noted. Thank you.
operator
Sir. Any participant wish to ask any question can raise hand. Any participant wish to ask any question can raise hand. Any participant wish to ask any question can raise hand.
Unidentified Participant
Hello sir. Am I audible?
Ramswaroop Radheshyam Thard
Yes Mr. Augustine, good evening.
Unidentified Participant
Yes, good evening. Good evening sir. Yeah, congratulations on a decent set of numbers. And that’s my question is regarding this US tariffs actually. So this 50 if it suppose it is material like are you like fairly confident that we will be? Because just wanted to understand because you have growing very aggressively in exports. Like from 9 crores you’ve grown to 13. So. So what is the contribution of us in this export sales?
Ramswaroop Radheshyam Thard
Export sale as I mentioned was around us was around 9 crore roughly.
Unidentified Participant
Okay, so major chungus USA.
Ramswaroop Radheshyam Thard
Yeah yeah.
Unidentified Participant
So yeah. If the 50 tariff is suppose it is becoming material then are you recently confident that because you’re planning to raise Your exports to 50% of the overall sales rate in future so that plan is intact or is it like you will have to Find some other market to. What is your thoughts there?
Ramswaroop Radheshyam Thard
See this is situation is very dynamic at the moment. I will say. So we need to wait for another one one month or 45 days to have a concrete clarity I would say on how things will be in long term because when we are speaking to various people in the industry, everybody are still confident that probably this will go back in the range of 20 to 25%. If we see the other countries from which there is a competition, especially Vietnam or Indonesia, they are on the range of 20 to 30%. So even if we are in that particular range, we will be still competitive.
But as I mentioned we are also working on some alternate plans and if it still does doesn’t it remains at 50. We. We are working on some plans so that the business is not affected.
Unidentified Participant
Okay. Okay sir,
Ramswaroop Radheshyam Thard
short run there can be an impact but long run definitely we, we have something in place to, to take care of this. Okay.
Unidentified Participant
Service on this jv. So you are like. I mean there is a slowdown. The Q1 performance, I mean it looks little subdued. I mean the sales has been. So are you seeing any slowdown like the plans? Like why is there a little bit of low sales?
Ramswaroop Radheshyam Thard
Definitely, definitely it is not growing as per the expectation and this is painful. But quarter one generally for this segment is little slow and if you see QSR segment as an overall as a QSR industry was very subdued in this particular quarter for, for Olive Q1 will be little slow because in summers and all the offtake for coffee and tea is little slow generally. Okay so we definitely are getting good orders now as the we are entering into festive season plus we are getting repeat orders from other, other from apart from us from other countries.
We are getting repeat orders which is a good sign. Of course there were very good prospects from us also and our quality was accepted by three or four major clients over there. But yeah situation this may get little delayed but we, we are working on some plans so, so we can mitigate this particular situation.
Unidentified Participant
So going forward Q2 Q3 will be better for JV but the for the India domestic remaining business, Q3 may not be that because generally
Ramswaroop Radheshyam Thard
Q3 generally is slow for us. But Q2 we are looking anywhere between 85 to 90 crores of revenue for Rajri. Okay. Okay.
Unidentified Participant
And so doing 100 crore per quarter will be how, how far will take another one one and a half years.
Ramswaroop Radheshyam Thard
Or like in terms of capacity I would say we are roughly at around 380, 390 crores. We can definitely do that number so we are just. Just waiting for the markets to improve a little bit. And if that happens surely we should reach that number of hundred crores in next two, two to three quarters.
Unidentified Participant
Okay sir. And in the presentation sir for this jv if you can give little bit more information like how much sales it has done like that will be generally you’re giving the capacity but sales numbers are not present there. I mean just I had a view more detail on the jv. And finally sir, just one more just thing wanted to add like if you see the like the performance of the like the stock price. I’m just. I’m not. I know it’s out of your control but still like it had a nice run up but. But towards last maybe the Q3 onwards it has been very subdued and despite all the good efforts and like some of the.
Some of the peers. Some of your peers even though it came down it reverted to its previous level. But we are still in the on the lower level and it’s actually inching downwards because our plans are getting delayed. And now because of these developments I don’t know how market will take it. But. But what do you think sir? I mean is there any other like buybacks or any other thing which we can like bring more institutions, give more what do I say road shows or anything so that at least the investor will get. Because we are. We are valued at least 0.5 times prices. Because that’s very. Despite all this levers in your hand we are getting a very poor valuation as in terms of business valuation. So what is your thoughts there? I mean can you just give a.
Ramswaroop Radheshyam Thard
Like as you mentioned like generally these things are beyond our control but we are definitely working to improve the business and the numbers and with with the JV also starting contributing in next 2 to 3 quarters and at RPPL once we reach the this 380400 crores we definitely will see a further improvement in the. In. In the bottom line for the Rashri numbers. So numbers will definitely support this and apart from this probably we we can look at certain more investor related presentations or more interactions with the investment community to see if something can be done on improving the.
In the prices.
Unidentified Participant
Yeah, thanks a lot sir. If you can do that it will be really grateful. Yeah thanks. And all the best for the remaining part of the year sir.
Ramswaroop Radheshyam Thard
Thank you. Thank you very much.
operator
Any participant wish to ask any question can raise hand.
Ramswaroop Radheshyam Thard
Hello. Yeah, good evening Suresh.
Unidentified Participant
Good evening. Sorry I joined late because I got this link to get into Zoom just now. So I’m sorry, I must have missed more than 25 minutes of this call. In case if the questions have been asked. Pardon me.
Ramswaroop Radheshyam Thard
No worries.
Unidentified Participant
Okay, fine. So first is about the extrusion. I think we had added 4,000 metric ton.
Ramswaroop Radheshyam Thard
Just a minute.
Unidentified Participant
So taking the overall capacity as mentioned in the presentation to 24,000. Yeah, correct. So that means per quarter we have 6,000 metric ton of capacity. I don’t know how much is practically possible being a batch, I don’t know. But Q1, you have mentioned the production as 5653.
Ramswaroop Radheshyam Thard
Ah, yes.
Unidentified Participant
So that means it is almost 94%.
Ramswaroop Radheshyam Thard
Ah, 90, 94. 94.2% correct to be exact.
Unidentified Participant
Right, absolutely correct. So the prob question is that means does it require now one some more, you know, increase in the capacity? If so, is it possible within the two plants?
Ramswaroop Radheshyam Thard
Yeah, as I mentioned in my speech, maybe you have missed, since you have joined late, we are adding another 1800 metric ton at unit three. Ah, so that will be additional capacity which will come up into the extrusion.
Unidentified Participant
So that when it is expected, maybe.
Ramswaroop Radheshyam Thard
In another two months time it will be operational.
Unidentified Participant
Two months. So that would take care of the. Whatever the additional demand. Additional demand. And this unit 3 is what? Sorry I missed. Is it at the, you know, the month only or somewhere else?
Ramswaroop Radheshyam Thard
Yes, this is located Daman only.
Unidentified Participant
I think you got some more additional space.
Ramswaroop Radheshyam Thard
Yeah, we have taken one space on rent that’s around 60, 70,000 square feet. So this is basically for manufacturing of pet packaging products which will take care of domestic as well as the exports market. So. So there we will be adding 1800 tons of extrusion and 650 metric ton of thermoforming capacity.
Unidentified Participant
Okay, good. This. Okay, so that means this unit having 60 to 70,000 square feet means this should take care of your next two to three years minimum, whatever the demand. Right?
Ramswaroop Radheshyam Thard
Yeah, yeah, yeah. And we as mentioned earlier will not be doing any major capex. We’ll be doing small capex at rationally for next 12 to 14 months. We like to consolidate and reduce the debt. That is a strategy for next 12 to 14 months.
Unidentified Participant
Okay, fair enough. Regarding tall manufacturing, I. I think the capacity there again, you know, 3300 it says. But we have done 3796.
Ramswaroop Radheshyam Thard
So yeah, we have done 115 and we have already added 1500 metric ton capacity and taken this to 4800 metric ton per annum. And this capacity as we speak is already operational.
Unidentified Participant
Oh, but then why Investor presentation says 3300
Ramswaroop Radheshyam Thard
because it was as on June 13th. And if you see our intimation to the exchange, we have intimated about this capacity expansion.
Unidentified Participant
Okay. Now is it possible to tell us how much the revenues that were generated in FY25 and how much is expected in 2016 with this additional capacity?
Ramswaroop Radheshyam Thard
Yeah. For injection molding. FY25 from injection molding, Correct.
Unidentified Participant
That is tall manufacturing, right? When you say injection.
Ramswaroop Radheshyam Thard
Yeah. So you want last year or this quarter?
Unidentified Participant
No, I’m saying. Okay, FY25. If it is there with you, right in front of you, you can give. Otherwise you can tell me Q1, FY26 also, whichever is available.
Ramswaroop Radheshyam Thard
Q1 FY26 injection molding. We generated revenue of roughly 13 crores.
Unidentified Participant
13 crores. Okay, so that means can we expect around 60 to 70
Ramswaroop Radheshyam Thard
and for the. Full year, 2425 we generated 42 crores.
Unidentified Participant
Oh, very nice.
Ramswaroop Radheshyam Thard
Okay, we expect this to go to 65 to 70 crores.
Unidentified Participant
So 25, you said 42 crores, right?
Ramswaroop Radheshyam Thard
Yeah.
Unidentified Participant
And for this year, how much
Ramswaroop Radheshyam Thard
65. To 70 crores we expect for this year?
Unidentified Participant
Okay. Now were we pat positive last year?
Ramswaroop Radheshyam Thard
Yes, for injection molding? We were, we were.
Unidentified Participant
So. And that means now the 6570. No need to ask. It is obviously we’ll. It will start generating the. Yeah, okay, fair enough. Sir, my third question is regarding the olive. So I think now only I’m seeing in Q1 out of that I think 30,000 odd capacity we had done. I think some hundreds of, you know, few hundreds metric ton has been produced. Why is there was so much of delay?
Ramswaroop Radheshyam Thard
See I. I will say on the operational front there are no major issues as such quality wise. The quality has been accepted across all these segments is the customer building which is going on. And I will say 50% of the revenue will come from exports. So the, the export building of the customer is taking little longer time than expected. So we did around 450 metric ton in converting and around roughly 400 metric ton of coating from the capacity what is available. And quarter one is little subdued for olive. Both for domestic demand and the QSR demand was very subdued in this particular quarter.
Hence it was little down. Now with the festive season coming up ahead, we have good orders in hand for domestic segment as well as we are receiving repeat orders from various customers from multiple countries. Also we also had a very good round of exhibition at Chicago and we are having good prospective customers in US but this may get little delayed due to tariff situation. But we definitely have plans to mitigate this and we expect revenue of at least 4 to 5 crores per month coming from US market itself from Olive.
Unidentified Participant
Now whatever the orders that you are posting in the exchange, is it for the olive or the tall manufacturing?
Ramswaroop Radheshyam Thard
No, on the they, they are combined like it is not for any particular segment. As such we have for our thermoforming business also injection molding business only. We are not posting orders detail directly as such much.
Unidentified Participant
Okay. Now this olive we were supposed to commission, if I recollect properly by Jan or Mar 25 and you know, well before that maybe you know, October, November something. And we were expecting, you know, already some 30, 40% capacity utilization by 24 and almost 75 to 80% capacity utilization last year. But even now we are into Q1.
Ramswaroop Radheshyam Thard
If we started production in June 24, as mentioned earlier, we took longer time to stabilize the things because we were not able to get the support of the engineers because most of the machines were from China.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
As you are aware, like the Indian government is not issuing visa to the Chinese nationals.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
Took us for 3 to 6 months to stabilize the production.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
October, November 24, we were able to stabilize the production. Gradually we started building up the customer base. So as I mentioned, like we are looking at three segments from Olive. One is through this distribution sales channel in the domestic market which has been established from where we are looking at a revenue of around 4 to 5 crores per month. Exports, we are looking at 5 to 7 crores of revenue. And third segment which is going to take longer time is the institutional sales like brands like McDonald’s or Burger King and many more. So we are expecting a revenue of 3 to 5 crores.
So like that this particular revenue segment we were looking from Olive. So I will say domestic more or less is established. And we are in line of generating revenue of 4 to 5 crores. From next month we are roughly doing 2 and a half to 3 crore. Export has picked up to up to 2 and 2 and a half crores per month. In next 2 to 3 months it should also go to 4 to 5 crores per month. So we, we are hoping that within next two quarters we should be in the range of 8 to 10 crores per month of revenue from Olive.
From, From Olive.
Unidentified Participant
Oh, from September onwards we can expect around. Around 8 crores per month.
Ramswaroop Radheshyam Thard
Yeah, September, September. Now October onwards. October onwards we can expect that 8 crores of revenue from.
Unidentified Participant
Okay, so that means Even in Q2 we will not expect much difference.
Ramswaroop Radheshyam Thard
Yeah, Q2 it will be in the range of 13 to 14 crores revenue.
Unidentified Participant
Okay. And for it to, you know, what do you say? Become EBITDA positive. What is the minimum revenue expected?
Ramswaroop Radheshyam Thard
22 to 25 crores.
Unidentified Participant
See what I was trying to. Just to find out. As you rightly said, by October 24th October you had stabilized with the background of your experience and the other partners distribution channel. I think we had expected that this will ramp up very fast. But based on that, do you think we are on the right track now keeping, you know, after October onwards we.
Ramswaroop Radheshyam Thard
I. I would say in terms of production process, the product quality we are on. Right. Tracking problems which were solved. But as I mentioned earlier, the there is no issue with our quality. Wherever it has gone, it has been very well accepted and appreciated. Although like we are little higher on the pricing front due to our technology and the product quality. But we are quite hopeful that we should be able to reach at least 50, 60% of our capacity within next two to three quarters.
Unidentified Participant
Okay, fair enough. This barrier packaging, what is the current utilization in the sense exclusively for barrier film?
Ramswaroop Radheshyam Thard
Yeah, barrier we in 2425 if we see we did a revenue of roughly 50 crores from barrier as a segment.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
Quarter two generally is strong for barrier.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
So in this year we have done approximately 7 crores in quarter one. So we are expecting doing in same line of around 45 to 50 crores for this year also. So the overall capacity for barrier is around 65 to 70 crores. Correct. So we will be approximately utilizing 70% of the capacity.
Unidentified Participant
What is there is this product now? Barrier film is slowly accepted particularly by the sweets makers or wherever it is supposed to go.
Ramswaroop Radheshyam Thard
Yeah, it is. It is going to big brands like Haldirams and even to sweet makers in cities like Merit.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
So. So this segment is growing extensively because even the packaging machines which are required along with this packaging material are getting cheaper and many options are available across the country now.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
For the suite manufacturers to invest in such machines have become feasible now.
Unidentified Participant
Very nice. Yeah. So. So now 60, 62 questions. One is are we making good margin in this as it was intended, you.
Ramswaroop Radheshyam Thard
Know, earlier and segment is definitely having a better margin, better margins.
Unidentified Participant
Okay. Now that you know, you are saying we are running close to the full capacity utilization and the suite makers are getting the, you know, whatever the machine that they require to back at a very feasible rate. Will we go ahead and put one more machine or not?
Ramswaroop Radheshyam Thard
As I mentioned earlier, at least for 12 to 15 months we will avoid any major capex.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
The idea is to first consolidate and reduce little Bit of debt. Then we take further decision into any major capex.
Unidentified Participant
Okay. But in spite of that you know last year again the debt March was you know 86. But March 24th. Sorry March 25th it has again gone to 116 crores borrowings. So it hasn’t come down. Right. Because last year also we have not done much of capex other than you know a little bit here and there.
Ramswaroop Radheshyam Thard
I’ll let you know the borrowings.
Unidentified Participant
This I’m saying 31st March whatever the figures I mentioned.
Ramswaroop Radheshyam Thard
Now. Can you tell me what is the number.
Unidentified Participant
As per given? 116.
Ramswaroop Radheshyam Thard
I’m just asking my.
Unidentified Participant
Oh sorry, sorry.
Ramswaroop Radheshyam Thard
Okay. 1 0. March was 103 and now 96 is.
Unidentified Participant
This is a long term one.
Ramswaroop Radheshyam Thard
Both long term and short term. Both.
Unidentified Participant
But I think March it was 116 right.
Ramswaroop Radheshyam Thard
103.
Unidentified Participant
116 is what is given there.
Ramswaroop Radheshyam Thard
There. There is certain lease liabilities which are not direct.
Unidentified Participant
Okay. Okay. Okay. No, no. Okay, let me rephrase my questions. Key this 96 crores which is there as on the 30th of June how much you are expected to bring it down?
Ramswaroop Radheshyam Thard
We expect to bring it down by at least 15 crores in next four to five quarters.
Unidentified Participant
Oh that is very small amount.
Ramswaroop Radheshyam Thard
Right. Like see we will also have to do small capex as I said to keep growing. Plus we, we will be also increasing our top line. So we will need some money for business also.
Unidentified Participant
Okay.
Ramswaroop Radheshyam Thard
So because we were at around 325 crore and we are looking at 360 crore. So obviously some money will again go back into business also.
Unidentified Participant
So in spite of all that this is what the plan. So four to five quarters. If you are saying so can I say it’s around 80 crores by next year end.
Ramswaroop Radheshyam Thard
Right. So you can say by quarter one 26, 27. Look at that number of 80 crores.
Unidentified Participant
80 crores. Okay. Now I think Orissa you have mentioned in the presentation that land has been acquired. But now you’re saying 12 to 15 months you are not looking at any major capex. So I think next year only we will be thinking something about that plant, right?
Ramswaroop Radheshyam Thard
Yes.
Unidentified Participant
Okay. And last question is this revenue margin. I think you are saying 360 crores for this financial year.
Ramswaroop Radheshyam Thard
Yeah. 360 crores.
Unidentified Participant
Okay, fair enough. And what is the margin you are targeting?
Ramswaroop Radheshyam Thard
EBITDA? We are looking at around 15. 15 and a half percent with a path of around 5 to 5 and a half percent PAT 5 to 5 and a half.
Unidentified Participant
So. So there you are confident that there is not much changes going to happen.
Ramswaroop Radheshyam Thard
Yeah. As of now. As of now. Okay. Major disruption in this.
Unidentified Participant
Okay. Now. Sorry, one more. I’m just asking. Squeezing in. That is a. For the tariff one whatever. We are doing the. I think you keep mentioning about US market once in a while in the order that you are posting in the exchange. So will it affect our sales there short term?
Ramswaroop Radheshyam Thard
Yes, for long term. Like we are all hoping that probably this situation will improve in next 30 to 45 days. First of all, if not, we are having some alternate plans to see how we can safeguard the business in long term.
Unidentified Participant
Okay. Okay. Thank you very much for your patient hearing and answering the question and wish. You all the best.
Ramswaroop Radheshyam Thard
Thank you.
operator
Any participant wish to ask any question can raise hand. Any participant wish to ask any question can raise hand. Any participant wish to ask any question can they raise hand?
Ramswaroop Radheshyam Thard
As there are no further questions, you can take it for conclusion.
operator
Okay, there are no questions. Maipal, over to you.
Unidentified Speaker
Thank you sir. Thank you. Kunar. Thank you very much. As there are no further questions, I would now like to hand the conference over to the management for the closing comments. Thank you. And over to you sir.
Ramswaroop Radheshyam Thard
Thank you very much for joining this call for quarter one FY26. I hope I was able to answer all your questions to the satisfaction. Wishing you all good luck. Thank you very much.