{"id":174646,"date":"2026-01-22T11:46:53","date_gmt":"2026-01-22T16:46:53","guid":{"rendered":"https:\/\/alphastreet.com\/india\/pyramid-technoplast-ltd-pyramid-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T11:46:53","modified_gmt":"2026-01-22T16:46:53","slug":"pyramid-technoplast-ltd-pyramid-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/pyramid-technoplast-ltd-pyramid-q3-2025-earnings-call-transcript\/","title":{"rendered":"Pyramid Technoplast Ltd (PYRAMID) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Pyramid Technoplast Ltd (NSE: PYRAMID) Q3 2025 Earnings Call dated Feb. 04, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole Time Director & Chief Financial Officer<\/em><\/p>\n

Bijaykumar Agarwal<\/strong> \u2014 Managing Director & Chairman<\/em><\/p>\n

Analysts:<\/h2>\n

Devyanshi Dave<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Saransh Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Saket Kapoor<\/strong> \u2014 Analyst<\/em><\/p>\n

Deepesh Sancheti<\/strong> \u2014 Analyst<\/em><\/p>\n

Pratik Dedhia<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Devyanshi Dave<\/strong> \u2014 Analyst<\/em><\/p>\n

Hello, everyone, and a very good afternoon. I welcome you all to Pyramid Technoplast Limited Q3 and Nine-Month Earnings Call.<\/p>\n

Please note that the discussion in today’s call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. We have on the call today, Mr. Bijaykumar Agarwal, who is the Managing Director; and Mr. Jaiprakash Agarwal, CFO and Whole-Time Director.<\/p>\n

So, I’d now like to hand over the call to Jai sir proceed with the opening remarks, post which, we’ll open the floor for questions. Thank you, and over to you, sir.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole Time Director & Chief Financial Officer<\/em><\/p>\n

Hello, everybody. Very good afternoon and a very warm welcome, everyone.<\/p>\n

So, as the result is already open, so let me just summarize a few things. So it is our pleasure to share the progress report of Q3 financial year 2025. So as we continue to execute our growth strategy, so this quarter we saw robust performance across our key segments, IBC, metal drums and polymer drums. Despite a dynamic market environment, we have maintained strong growth momentum. Our commitment to increase operational efficiencies, enhancing product mix and scaling capacities has positioned us well for long-term sustainable growth.<\/p>\n

So, let’s start with MS drum. So, this segment recorded an impressive growth of 46% year-on-year volume growth and a 40% year-on-year revenue growth. So, in Q3 FY ’25, benefited from the expansion of our production capacity from 30,000 to 50,000, which you can see, and further, we are scaling it up to 90,000 units per month by March 2025. [Technical Issues]<\/p>\n

Hello? Can I start? Hello? Am I audible to everybody?<\/p>\n

Bijaykumar Agarwal<\/strong> \u2014 Managing Director & Chairman<\/em><\/p>\n

Yeah. Jai, continue. Devyanshi, you’re on mute.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole Time Director & Chief Financial Officer<\/em><\/p>\n

Okay. Sorry. So, for HDP drums, volume growth stood at 6% year-on-year with revenues remaining flat at same due to capacity constraints. However, as we said, with the expansion of Unit-7 now completed, we expect a pickup in more production in-quarter four financial year 2025.<\/p>\n

For IBC segment, the segment posted 17% year-on-year volume growth and 8% year-on-year revenue growth, maintaining market-share despite pricing pressures. Capacity utilization on-line one has already crossed 60% and second-line is scheduled for commissioning in early financial year 2026. So as far as these are the record — these are the — what has happened to us, now we would like to share some strategic expansions. So as to go-forward as per our long-term commitment expansion. So, unit six capacity, we are increasing — we are increasing from 50,000 to 90,000, which is scheduled for March 2025 with civil work and machine installation progressing as planned.<\/p>\n

For Unit 7, production ahead of — hello? Yeah. For Unit 7, that is IBC and SDP drums, our production commenced ahead of schedule for one-line of 200 liters of polymer drums and 50 liter polymer drums is already commissioned. For Unit 8 Maharashtra, and where we are installing SDP drums, IBC and MS drums. Phase-1 construction is expected to be completed in quarter [Technical Issues] this financial year with trial scheduled for March 2025 and commercial production beginning in quarter one of financial year 2026 for [Technical Issues].<\/p>\n

I request everybody to be on mute, please. For Unit 9, as we informed, we are coming up with a recycling plant. The construction is underway for our first recycling plant with expected completion by May 2025 with an estimated investment of INR8 crore to INR10 crore, which will allow us to recycle around 10,000 metric tons of plastic annually, reducing dependence on virgin raw materials and enhancing our cost efficiencies.<\/p>\n

And on sustainability part, so as a part of our commitment to sustainability and cost optimization, our 15.25 megawatt captive solar power project is progressing well with commissioning scheduled in phases starting May 2025. This initiative is expected to reduce annual power cost by around INR10 crore, improving our EBITDA margin. We have laid out capex budget of around INR40 crore to INR50 crores for financial year 2025, of which INR38 crore has already been spent. For financial year ’26, the budget is projected to be INR50 crore to INR60 crore and will be utilized for the mentioned initiatives.<\/p>\n

Revenue for Q3 stood at INR154 crores, up by 15% quarter-on-quarter and 19% year-on-year, reflecting continued growth despite the market dynamics. EBITDA stood at INR11.8 crore with a margin of 7.6%. We believe that benefits of economies of scale and cost optimization will start reflecting in the coming quarters. Net profit for Q3 stood at INR6.8 crore. Balance — our balance sheet remains healthy with net-debt to equity at 0.13 times. With ongoing expansions and strategies and investments, we are well-positioned for the future. The completion of new capacities, sustainability initiatives and backward integration will drive efficiency and profitability. As we scale operation, we remain committed to deliver consistent growth and value for all stakeholders.<\/p>\n

And one more thing I would like to add that few of our projects has been completed and few of them are on the last leg. So next quarter onwards, we will start getting better results.<\/p>\n

Thank you very much. Now, I’ll start the floor for the question-and-answers.<\/p>\n

Questions and Answers:<\/h2>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you, sir. So, participants who wish to ask a question can raise their hand using the react button below.<\/p>\n

We have the first question from Mr. Ganesh [Phonetic].<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So, my first question is regarding the other operating part of our business. So broadly wanted to understand the kind of margins that we would have in this segment and going-forward, do you think this will continue to remain a sizable part of the business or should that taper off or how are you broadly thinking about this?<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

So, with our initiative, the margins will going to improve, because right now, we are adding up a lot of volumes, lot of capex is happening. So once the utilization will start happening, our margins will start increasing. And plus, we have already taken initiative like some we are coming up with a recycling plant. We are coming with solar installation, which will add-on to the margins definitely.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir, my question was regarding the other operating part of the business in which we are kind of selling kind of raw materials as all of that?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

But it will definitely…<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. [Foreign Speech] On the IBC container business, we had said that competitive intensity there is increasing a bit. So is this kind of larger players increasing competitive intensity or are kind of other smaller players coming up or how does that shaping?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech] Got it.<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

We have healthy relationship with our customers. So we give solutions. So that is why customers are with us and they are increasing our volume, plus we are adding new customers every month-on-month basis.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And one last question. [Foreign Speech] We had said we have EPR costs which have risen to a hit on margins. So is that a major thing, how is that?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech] Got it.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Yeah. Once we complete all the capex, margins will come back to normal, plus we will add — we have taken certain initiatives, which will definitely add on tops for sure.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Perfect, perfect. That’s it from my side, sir. Thank you so much.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you. We have the next question from Mr. Saransh Gupta. Please go ahead, sir.<\/p>\n

Saransh Gupta<\/strong><\/p>\n

Thank you for the opportunity. [Foreign Speech] Hello?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saransh Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saransh Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Participants, just a humble request to kindly be on mute.<\/p>\n

Saransh Gupta<\/strong><\/p>\n

Devyanshi, can you mute everyone, please? [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saransh Gupta<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

As per our last survey, we achieved a 40%, so we are assuming that we are at 40% as of now.<\/p>\n

Saransh Gupta<\/strong><\/p>\n

Okay, sir. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saransh Gupta<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saransh Gupta<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saransh Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saransh Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Next year, we are targeting around 700 odd plus.<\/p>\n

Saransh Gupta<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saransh Gupta<\/strong><\/p>\n

[Foreign Speech] Thank you for the opportunity. All the best.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

You are on mute, Devyanshi.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

So, we have the next question from Mr. Saket Kapoor. Please go ahead.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech] And thank you for the opportunity, sir. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

So, we will have a quarter-on-quarter growth going forward from next quarter — from actually this quarter four onwards.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech] Thank you.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you, Mr. Saket. Participants who wish to ask a question may please raise the hand using the React button. We have the next question from Mr. Deepesh Sancheti. Please go ahead, sir.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. [Foreign Speech] about the volume growth. Volume growth in this quarter. 1% in IBC. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech] September to December.<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Quarter-to-quarter.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

[Foreign Speech] Quarter one of next financial year.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech] FY ’26, we will be able to achieve full capacity?<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

No, not full capacity. It will be on commercial production will start, then we will start adding machines slowly and gradually. So, it will take…<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

We will start getting volumes, but it will — it will be a gradual process.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

But we must be already in talks with customers, right?<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Yes, yes, we are already in talks, but we need to do sampling, we need to do everything. We need to start with — because it’s a new facility.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. And you mentioned that we will achieve INR590 crores in this year-by FY ’25, and FY ’26, [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech] Margins will start improving, especially in I think MS drums you mentioned. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Because we are installing a fully automatic plant now.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Where are you installing this?<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

In Bharuch only that we are ramping our capacity to 90,000 tonnes per month. So it will definitely add-on the margins there.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Great. And you expect the same ROE to be maintained here?<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Yes, absolutely.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Great, great. And I think one more question would be about your MS drums is done. Okay. Any solar plant has already commercialized or it will take time?<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

It is under process, it is under installation right now. So from May onwards, we will start saying utilization — start getting connections from for slowly and gradually it will get installation.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Because we need to go certain government approvals, so we are doing that.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. So, by May, we should be able to start saving that, I mean, proportionate INR10 crore per year, [Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Correct.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Fine. Fine, sir. Great. And sir, PCR, [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

It is under testing process. So we will be the first company to start recycling plant for our own consumption. So this idea is behind this is to collect a material from our existing customer and convert them into drums and supply them back. So this idea is working. We have been discussing with many customers now. Hopefully, from May onwards, we will start doing this.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. And how much will be the capex on this?<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Around INR8 crore to INR10 crores, we have identified.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay, already INR8 crores. So, the kind of material which we are getting from outside, there are some companies which are doing only this recycle, I mean they’re doing for their own consumption also, but I think they are selling in the market also. So we are not going for that kind of companies? Just to give you an example of Avro, is also doing that, Avro India.<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

This is the first initiative for us. So for now, we will do it for ourselves. So as and when we will have an expertise, we’ll start doing it for the outside market. So that will be a challenge then.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

So then with this new plant, how much will we be able to do, I mean achieve — I mean, I’m sure not 30%, but how much percentage you will be able to achieve?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

It will definitely depend upon the input material, whatever material we are getting.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

But definitely it will definitely save certain amount. But as of now, we cannot comment on that because again, if things will not work-out, you will going to say next quarter.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech] But sir, since we are getting the same material as us, we are getting our products also back, right?<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Exactly. So we need to see — so we need to maintain the same quality because packaging is very dynamic. So it is — basically it moves from one place to another. So we need to maintain the same quality. We will do certain trial and errors and accordingly, we’ll come to a conclusion. Right now, we are targeting 30% for sure. This is our target. We are starting with 30%, then we’ll go out. Best we can go-ahead in that.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Right. Right, sir. I’ll come back-in the queue, sir. And all the very best, sir. Thank you.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you, Mr. Deepesh. Participants who wish to ask a question may please raise the hand using the react button. We have the next question from Mr. Pratik Dedhia [Phonetic]. Please go ahead, sir.<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

We already certain inventory in-plant and certain material in…<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

[Foreign Speech] This quarter will be definitely better than previous quarter for sure and coming quarters.<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

Got it. All right. Thank you. And second [Foreign Speech] one year down the line between IBC, MS.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

We see demand coming from all the polymers drum also, IBC is also metal drum also. [Foreign Speech] Polymer drums, we are again…<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

But we want to keep ourselves ready to — as soon as the infrastructure comes, the demand comes will definitely catch-up that.<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

Okay. And one more thing, [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

Okay. [Foreign Speech] Fair enough. Thank you.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you, Pratik. Participants who wish to ask a question may please raise the hand using the react button. We have a follow-up a follow-up question from Mr. Saket Kapoor. Please go-ahead sir.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech] Hello?<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Yes sir, you’ve raised your hand.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Yeah.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Sir, please go-ahead with your question. Yeah.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Yeah. Sir, if you could just explain to me the volume growth part, I just jumbled it up just for the sake of reputation. For the nine months, which category we have seen this volume and for the next year, how are we seeing this gaining traction once our new capacity gets commissioned?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Correct, sir. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

We are still being around 500 plus customers, and we are adding the numbers month-on-month basis.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

[Foreign Speech] We are serving everybody.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Correct, sir. [Foreign Speech] with respect to the business sentiment demand that is also reflected in the GDP number. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

[Foreign Speech] You can see the numbers of other chemical countries. They have also given a good result.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Correct, sir. [Foreign Speech] Thank you.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you, Mr. Saket. We have the next question from Mr. Shantanu [Phonetic]. Please go ahead, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

But our focus is operational efficiency, we will increase the margins from there, and there are definitely always a good scope for improvement. So this is what we keep believing and we are working on that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. [Foreign Speech] Thank you, sir.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you. We have the next question from Mr. Rahim [Phonetic]. Please go ahead, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, sir. [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech] Thank you, sir.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

[Foreign Speech] Sir, we’ll take a follow-up question from Mr. Deepesh. Please go-ahead, sir.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

I think there was a glitch again. Yeah. Okay. Sir, capex of INR550 crore to INR60 crores next year FY ’26 [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech] when it is fully commercialized?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech] So, approximately INR300 crores.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

[Foreign Speech] At least we should expect — we should know what is the number which is coming. Okay. Great, sir. Thank you so much.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you, Mr. Deepesh. Participants who wish to ask a question may raise their hand using the react button. We have a follow-up question from Mr. Pratik Dedhia. Please go-ahead, sir.<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Pratik Dedhia<\/strong><\/p>\n

Okay. [Foreign Speech] Thank you.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you. Mr. Deepesh, do you have a follow-up question? So, we have another follow-up question from Mr. Saket. Please go-ahead.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech] What is our current long-term debt and working capital requirement?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

INR7 crore?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

INR60 crores.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

INR60 crores. So, INR60 crores we have drawn that amount or how much is…<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

INR20 crore is used balance is under sanction. But as and when we will need to pay a certain amount portfolio will.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. So as on 31st December, our closing long-term debt balance is INR20 crores. And what is the cost of fund there?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech] 8.5%.<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

8.5%.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. And working capital [Foreign Speech], bank limits and all, how much have we drawn?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

And we will reach peak debt of INR60 crores when?<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

Solar is the next initiative which was not planned earlier.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay, sir.<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech] But as on March, [Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Bijaykumar Agarwal<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech] Thank you.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you. Participants who wish to ask a question may please raise their hand using the react. Sir, I think we don’t have any further questions, so I’d like to hand over the call to you, other — [Foreign Speech] closing comments.<\/p>\n

Jaiprakash Agarwal<\/strong><\/p>\n

I thank you all the investors, all the participants and the patience you have all shown us is remarkable and we, as I said, a few of our projects has completed, few are on the last leg. So now we — it’s time for the good show and quarter-on-quarter, you will see the improvements and the numbers will start growing, and I would hope and tell you that keep on keep trusting us and keep up with on us. Thank you very much.<\/p>\n

Devyanshi Dave<\/strong><\/p>\n

Thank you, Bijay sir, Jai sir, for taking the time-out and thank you to all the participants, and the [Speech Overlap].<\/p>\n","protected":false},"excerpt":{"rendered":"

Pyramid Technoplast Ltd (NSE: PYRAMID) Q3 2025 Earnings Call dated Feb. 04, 2025 Corporate Participants: Jaiprakash Agarwal \u2014 Whole Time Director & Chief Financial Officer Bijaykumar Agarwal \u2014 Managing Director & Chairman Analysts: Devyanshi Dave \u2014 Analyst Unidentified Participant Saransh Gupta \u2014 Analyst Saket Kapoor \u2014 Analyst Deepesh Sancheti \u2014 Analyst Pratik Dedhia \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-174646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":180415,"url":"https:\/\/alphastreet.com\/india\/pyramid-technoplast-ltd-pyramid-q3-2026-earnings-call-transcript\/","url_meta":{"origin":174646,"position":0},"title":"Pyramid Technoplast Ltd (PYRAMID) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 11, 2026","format":false,"excerpt":"Pyramid Technoplast Ltd (NSE: PYRAMID) Q3 2026 Earnings Call dated Feb. 10, 2026 Corporate Participants: Jaiprakash Agarwal \u2014 Whole-time Director And Chief Financial Officer Analysts: Dipesh \u2014 Analyst Ganesh Namarsekha \u2014 Analyst Saket Kapoor \u2014 Analyst Marjan \u2014 Analyst Ganesh Nagasekar \u2014 Analyst Presentation: Jaiprakash Agarwal \u2014 Whole-time Director And\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":180304,"url":"https:\/\/alphastreet.com\/india\/pyramid-technoplast-limited-reports-q3-fy26-volume-led-growth-margins-steady-as-new-capacities-ramp-up\/","url_meta":{"origin":174646,"position":1},"title":"Pyramid Technoplast Limited reports Q3 FY26 volume-led growth; margins steady as new capacities ramp up","author":"Staff Correspondent","date":"February 10, 2026","format":false,"excerpt":"Pyramid Technoplast Limited (NSE: PYRAMID, BSE: 543969) reported moderate revenue growth in the December quarter, supported by strong volume expansion across product lines, while profitability remained under pressure due to initial fixed costs from newly commissioned capacities, according to the company\u2019s Q3 & 9M FY26 investor presentation. Q3 FY26 performance\u2026","rel":"","context":"In "LATEST"","block_context":{"text":"LATEST","link":"https:\/\/alphastreet.com\/india\/category\/latest\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":170414,"url":"https:\/\/alphastreet.com\/india\/time-technoplast-q1-fy26-earnings-results\/","url_meta":{"origin":174646,"position":2},"title":"Time Technoplast Q1 FY26 Earnings Results","author":"Chirag Gupta","date":"August 21, 2025","format":false,"excerpt":"Time Technoplast is a multinational conglomerate involved in the manufacturing of technology and innovation driven polymer & composite products. Presenting below are its Q1 FY26 earnings results. \u00a0 Q1 FY26 Earnings Results Total Income: \u20b91,353.58 crore, up 10.0% year-over-year (YoY) but down 7.8% quarter-on-quarter (QoQ). 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