{"id":180415,"date":"2026-02-11T12:23:06","date_gmt":"2026-02-11T17:23:06","guid":{"rendered":"https:\/\/alphastreet.com\/india\/pyramid-technoplast-ltd-pyramid-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-11T12:23:06","modified_gmt":"2026-02-11T17:23:06","slug":"pyramid-technoplast-ltd-pyramid-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/pyramid-technoplast-ltd-pyramid-q3-2026-earnings-call-transcript\/","title":{"rendered":"Pyramid Technoplast Ltd (PYRAMID) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Pyramid Technoplast Ltd (NSE: PYRAMID) Q3 2026 Earnings Call dated Feb. 10, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Marjan<\/strong> \u2014 Analyst<\/em><\/p>\n

Ganesh Nagasekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Good evening sir. Hi j. How are you? Good. Good. My voice is good. Clear. Do testing Speak something. No, no we can’t. No, we can’t hear. You’re not audible. You’re on mute. Yekma, let’s start.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

This meeting is being recorded.<\/p>\n

operator<\/strong><\/p>\n

Hi everyone and a very good afternoon. I welcome you all to Pyramid Technoplast Limited Q3 and 9 month FY26 Concord. 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. Jeff Rakash Agarwal, CFO and full time director. So now I would like to hand over the call to Jai sir to proceed with the opening remarks. Post that we’ll open the floor for Q and A.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Good evening everybody.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Myself Jagarwal. So it is a pleasure to walk you through Pyramids performance for Q3 and nine months for FY26. A period that was important not only from a financial standpoint but also in terms of strategic progress we made towards building a scalable and future ready business. Over the last few quarters we have successfully strengthened our manufacturing footprint. Starting from our established base in Gujarat to commissioning new capacities in Maharashtra. During this phase we expanded capacity across all drums categories marking a decisive step in the next leg of our growth journey. A key milestone during the quarter was the ramp up of the Wonder Plan.<\/p>\n

The facility commissioned in June and we witnessed steady operational momentum beginning Q2 FY26. With this our major apex cycle is largely complete and our focus now clearly shift towards capacity utilization and operational leverage at wada. The IBC and SDP lines are fully operational with the Ms. Line has been commissioned with the remaining expansion on track for completion by December. Beyond this we expect only maintenance and balance capex of around 10 to 20 crore for FY27. Our strength continue to lie in backward integration with all major backward products we have been manufacturing announced. It gives us better cost control and supply reliability.<\/p>\n

We have also strengthened our logistics back on with our in house fleet now ramping 200 plus enabling timely deliveries and deeper customer relationships on the capacity prime. As of Q3 FY26 our installed production capacity increased from 62,887 metric ton per annum to 75,856 metric ton per annum reflecting the successful execution for our expansion plans. Capacity utilization during the quarter stood at 67% and we expect this to steadily improve to 75% for the next financial year driven by volume ramp up across all the categories. During Turning to key operational initiative, we commissioned two important projects during the during this quarter, our recycling plant on October 3rd and the solar power plant on October 30th.<\/p>\n

The recycling plant, setup on 4400 square meters of plot in B with an investment of around 10 crores has an annual capacity of 5000 metric tons per annum. This will meet approximately 10 to 12% of our raw mater requirements, reduce import dependence, enhance supply chain resilience and deliver a payback within 2 to 3 years. In parallel, our 6 megawatt solar power plant in Gujarat marks the first phase of 14.25 megawatt captive solar project across Gujarat and Maharashtra. On 2 February an additional 5 megawatt was commissioned in Baruch and 2.25 megawatt in Maharashtra with the balance 1 megawatt to be added in the next phase.<\/p>\n

Once fully operational over the next 34 weeks, the project expected to reduce power cost by approximately 15 crore annually with a total investment of 60 cr in the payback period of 4 years. This initiative is a strong step towards long term cost efficiency and sustainability. Let me now brief you about upon the segmental performance for Q3 FY26 so Ms. Drum volume has increased by 1% year on year while revenue has declined by 2%. SDP drums volume grew 16% year on year with revenue up 10% year on year supported by capacity ramp up. IBC delivered strong performance with 37% volume growth and 2027 growth year on year basis revenue stood at 162 crore up by 5% year on year for the quarter while nine months revenue increased by 16% to 486 crore driven by volume growth across categories.<\/p>\n

Gross profit rose 22% year on year to 44 in Q3 and 26% to 130 crore for nine months. The recycling plant is expected to further reduce our raw material cost requirement by 10% annually supporting margin expansion going forward. EBITDA declined by 2%, 12 crore and PAT declined by 29% year on year basis to 4.8 crore with the margins at 7.4% and 3% respectively due to higher pitch cost during the capacity ramp up phase. The benefits from the solar power plant commissioned in late October are expected to begin reflecting in the coming quarters with full impact leading to annual power cost saving of around 15 crore.<\/p>\n

In summary, with the expansion phase nearing completion, sustainability initiatives firmly in place and utilization level said to improve. We expect meaningful operational efficiency to emerge over the coming quarters. Pyramid is well positioned to drive consistent growth, improved profitability, long term value creation with all stakeholders. We are confident about the road ahead and excited about the next phase of our journey. We are now open the floor for questions. Thank you. Somia, please you can open for the question.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Sir. Participants who wish to ask question, please raise your hand. We’ll wait for a minute while the queue is ascended. So first question is from Dipesh and ch. Please go ahead.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Sir.<\/p>\n

operator<\/strong><\/p>\n

You are not audible.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Am I audible now?<\/p>\n

operator<\/strong><\/p>\n

Yeah, you’re audible.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

I smart. You upcourt. Extra. Bonus that I could gasp. 60. 70%.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Was also operational in October 2025.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Across the board.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

So existing capacity excluding VADA capacity utilization.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

To 50%. Last quarter.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

60.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

65% V was 40% excluding VADA.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Excluding VADA capacity utilization.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

That is. That. Is that. Is there always 65 to 70%? Always.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Is. Is that optimum or we can go ahead also.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

We can go ahead if we go full strength. But then we. We expect that 70% is optimal for this. Because we get certain rejection. There are some downtime come. So 70% is optimal for us.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Sir.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

This quarter is good. Prices are going up. English course. Okay.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

And cost of debt.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

K.<\/p>\n

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

Percent CA.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Sorry.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

8.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

8% cash 8% cast.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Okay.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

If you can give J. If you can give me volume growth of each and every product gotten and gotten year on year. Is that possible for you?<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

I’ll sch. Is it okay if I schedule later on?<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah, perfect. You can ask SW to give me the details.<\/p>\n

operator<\/strong><\/p>\n

Yeah, sure. I should.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Yeah.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Thank you. I’ll come back for the other questions. And all the best, sir.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Next question is from Pratik Dia. Please go ahead.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Sir. Slide number seven. Sixteen. Just my realization. Impact of 10 crores negative or trading income 11 corrodes negative.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

October.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

23 months.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

It was on the testing phase.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Got it. Okay. And sir, one second question. Previous quarter September cost impact.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Right.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Capacity ramp up. October. Okay. Sir. For this quarter. Utilization. Okay. Opening remarks. Okay. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question is from Ganesh Namarsekhar. Please go ahead.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Two, four. Hello.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Margin.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

But.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Ski Karani. Solar or recycling? Solar recycling plants. Quarter two May. Updating it to 93,000. Okay.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

93.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Okay. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Request the participants to please raise your hand before asking question. Next question is from Naman Modi. Please ask your question, sir.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Hello sir.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Price of polymer Upkeep Raw materials. Crude oil still intact.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Crude oil say.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Right.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

And Ms. Drums are directly related to steel Raw material prices change. Right.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Participants who wish to ask question please raise your hand. We’ll wait for a minute until the queue is assembled. Sir, can I. I’m not able to raise my hand.<\/p>\n

operator<\/strong><\/p>\n

Sorry sir, may I know your name? Okay. Please go and read the question. Sir, I think there must be.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Sir, can you tell us the outstanding position of your term loans and your working capital? Because see what is happening is. I. I will tell you very honestly. Last quarter and previous quarter also we had anticipated that our margins will improve. But every quarter what is happening some reason comes up and our margins are again at the same level. This time it is Diwali bonus and the interest cost. Now can you just anticipate the future quarters and tell us when your margins will be at 12% which you had targeted for yourself and without any excuse can you achieve that target in that.<\/p>\n

I mean why I’m asking you is because at that time again the interest cost will also be there.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

So.<\/p>\n

operator<\/strong><\/p>\n

Any other wish you can go ahead with your question. Sorry.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

No, no. I think there was a disturbance so sir got interrupted in between. Yeah.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Yes. Yes.<\/p>\n

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

Now you know you can.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

You can answer it. Hello. Hello.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah, so I. I’m just very keen to know that when accuracy of that 11 to 12 will come in what you are. And the first question which I asked what is your outstanding in your working capital and your term loan at this stage maybe in December or maybe as of January also.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Bigger than.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Would you be able to prepay something with your profits and everything we have.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Been doing this prepayment.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Oh very good, Very good, very good. And working capital utilization.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Utilization. Okay.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Separately I will take the total total outside in that.<\/p>\n

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

I’ll take it separately.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

No problem, sir. Okay.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question is from Pratik Daria please go with your question.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Price impact I think previous participants Steel impact or crude raw material impact and commodity cycle. Okay, take care. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question is from Saket Kapoor. Please go ahead with your question.<\/p>\n

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

With the type of benefits from solar volume uptake. Factors. Message delivery.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Team.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Subsidiary.<\/p>\n

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

Considering.<\/p>\n

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

Presentation message Sari Prashnoka Utter Prakar but usque brand we said minority shareholders or Joby Innovation Growth Profitable growth.<\/p>\n

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

Financial year 2027 we don’t have much capex all infrastructure is ready.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

And we.<\/p>\n

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

Want to say that VADA plant is also profitable now because we have ramp.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Up all the capacities there.<\/p>\n

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

So these numbers will definitely reflect in the next quarter.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Okay sir.<\/p>\n

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

IBC product impresses higher margin and Ms. Jam and all lower side but still will be profitable segment.<\/p>\n

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

So going ahead. We will not leave anything behind. If if IBC growth is coming up definitely we’ll grab that first and then Ms. Drum also we have the capacity and we have started Ms. Drum plant. Now we will start supply brumbada so.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

We definitely it will save on the cost.<\/p>\n

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

December month exit in terms of the volumes.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Gross cash.<\/p>\n

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

And we understand he you have been associated and we have been doing all our best and that is why we have not planned much capex for next financial. Now it is time for us to.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Prove so this is what we have.<\/p>\n

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

Decided and we have been following that and we will ramp up all the capacity in all the segments first only to add sir.<\/p>\n

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

Hope sir we deliver now and and all the best to the team.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question is from Marjan. Please go ahead.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Yes sir.<\/p>\n

Marjan<\/strong> \u2014 Analyst<\/em><\/p>\n

Sir, are we keeping the guidance intact and are the benefits becoming visible for the new plant as well? And what will be? What are the challenges you’re seeing sir? And when will we have the largest largely completed capex in utilization for the reflecting efforts?<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

See our VADA plant is operational and.<\/p>\n

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

It is now coming at its peak productions. So this quarter we are seeing good volumes. Plant is profitable also. So it is very. It is very. This is a good achievement that within six months we have got a profitable.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Plant and now our our capacity utilization.<\/p>\n

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

At V also is improving above 60.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

65% and plus Ms.<\/p>\n

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

Drum plant we have just commissioned and that also we are ramping up and we have got good opportunity from the market. The demand is good, prices are going up. So this is the right opportunity to.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Scale up the production and capacity utilization.<\/p>\n

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

This is what I can say right now.<\/p>\n

Marjan<\/strong> \u2014 Analyst<\/em><\/p>\n

What is your average realization sir for this quarter per metric.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

76, 78 IBC is a mix of.<\/p>\n

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

Products so it is difficult to answer that.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

100 plus.<\/p>\n

Marjan<\/strong> \u2014 Analyst<\/em><\/p>\n

So this quarter we have seen a very good improvement in the gross margins. Yeah due to other increasing the other expenses or the overheads. We have seen the margin being neutral.<\/p>\n

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

It is largely due to financial impact which has not been.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

It has not been offset by the benefit which was which was supposed to.<\/p>\n

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

Get from solar partner. So that is why you can see that difference.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

But so generation is already there.<\/p>\n

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

It is getting banking with the government department the moment we sign the agreement with them start coming up in the probably in the next quarter.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

You will definitely see.<\/p>\n

Marjan<\/strong> \u2014 Analyst<\/em><\/p>\n

So for next quarters can we see the operating leverage coming up like yes, absolutely.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Absolutely.<\/p>\n

Marjan<\/strong> \u2014 Analyst<\/em><\/p>\n

So we are expecting around 10 to 11 EBITDA from next quarter onwards.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Hopefully. Yes. Okay.<\/p>\n

Marjan<\/strong> \u2014 Analyst<\/em><\/p>\n

Q1FY27.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

2027 will be good year for.<\/p>\n

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

For us, for you and for everybody.<\/p>\n

Marjan<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you so much sir. And all the very question.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question is from Dipesh and please go ahead.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Yes sir.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

So a couple of questions. How’s the demand right now with especially when the tariffs have been open.<\/p>\n

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

Yes, demand is good. In fact we are getting good demand volume from Bada also. So this.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

This.<\/p>\n

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

This gives gives us a good confidence that in coming months also demand will be there. And this is a being. This is the last quarter for the financial year. All the companies will ramp up their capacity utilization. So hopefully this quarter will be. Definitely will be good for us also.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

And for the other companies also.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

I’m just saying. Qk the. Because the US tariffs have been lowered now most of the companies will start their exports from March. How’s your demand? Because obviously they’ll be placing orders with you. Then they’ll be able to put their material.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Prices.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

But they have almost up to 10% in polymer or.<\/p>\n

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

Monday.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

So overall last quarter steel or polymer difference.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Okay.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Great. Great. Somia, if you can send me the IBC and polymer volume numbers from J. It’ll be great. All the very best, sir. All the very best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question is from Ganesh Nagasekar. Please go ahead.<\/p>\n

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

Definitely start reducing because now our recycling plant has also started. So it will start reducing slowly and gradually.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

As we. As we increase our production that recycling it will start decreasing this way.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

Will it go from 1.5 to 0.5 or what would be the quantum of the degrees?<\/p>\n

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

That is difficult to ascertain right now because we have not made any chart of that. We’ll definitely get back to you on.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

That if you need any. Understood.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Got it.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Got it.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

And so broadly in terms of the cost you said you’ll save around 3 crores on solar for this quarter recycling. If you could modify the benefit that.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

You’Ll get in crores as of now.<\/p>\n

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

I don’t have the numbers of that exactly. For recycling we’ll definitely get.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Understood.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

And the. The 3cr GST benefit that we get, how does that get accounted in our books? Does it show straight to the top.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Line or how does it do? Can you Repeat the question?<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

The 3cr you said you get a 3cr GST benefit rate from the vada plant.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question is from Saket Kapoor. Please go ahead.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Sir.<\/p>\n

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

Employee cost and all utilization levels improve.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Out.<\/p>\n

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

Revenue Growth maybe March quarter May Amari Amari to apply next week. Samara. Environment. The impetus to growth is there and now it is for us to catapult on the capture the story going ahead. Okay. Across all the verticals.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Yes, absolutely. It is time for us to prove now. Oh.<\/p>\n

operator<\/strong><\/p>\n

Thank you sir. Next question is from Ganesh. Please go ahead.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Oh no. All my questions answered. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Okay then I think that was our last question for the call.<\/p>\n

Ganesh Nagasekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Sorry, sorry.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

I have a question.<\/p>\n

Ganesh Nagasekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Can I ask that?<\/p>\n

operator<\/strong><\/p>\n

Yeah, yeah, yeah.<\/p>\n

Ganesh Nagasekar<\/strong> \u2014 Analyst<\/em><\/p>\n

So I’m Anish Manka Basically sir for as our VADA plant of LADA plant key utilization phase 2 or phase 3 performance.<\/p>\n

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

Focus on performance on in the next financial year. We have the space available and the moment we think that we need to add certain machinery it will.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

It will not take much of a capex.<\/p>\n

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

So we will start implementing and putting machines there.<\/p>\n

Ganesh Nagasekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Got it sir. So customers on margin profile plant 100 capacity utilization. Margin from a margin standpoint.<\/p>\n

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

And IBC’s.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Margins are more or less same whether.<\/p>\n

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

It is coming from Baruch whether it.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Is coming from VADA and more capacity.<\/p>\n

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

Utilization the better the margins Is margins more or less same. We will get an added benefit which is coming from the price advantage plus the solar benefits that will definitely add up. Whatever we are saying will achieve that.<\/p>\n

Ganesh Nagasekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Got it. So so basically acquire customers discounting and that’s where I believe pricing advantage will come percentage increase.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

So clear picture. Yes sir.<\/p>\n

Ganesh Nagasekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Next question is from Devesh. Please go ahead.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

So two things I want to ask. How is the recycling plants feedback or how is your take on that and the customers and the entire supply chain.<\/p>\n

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

So how is it that recycling plant.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Is now operational and it is 100 successful.<\/p>\n

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

We are doing our own material recycling right now and in coming months or I would say in coming days we will start procuring from material from the.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Outside from our customers and then we.<\/p>\n

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

Will start producing this recycling material and start giving them solution what customers are.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Looking forward from us.<\/p>\n

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

We have been in advance discussion with all our customers and they are very.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Excited about this project.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

So the entire benefits you are seeing that is coming in 27.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Yes. Yes, definitely.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

And what is the volume growth and number growth we are anticipating in 27. Entire 27.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Okay.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

And that will be at what capacity utilization will be and all inclusive you saying.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Fantastic, fantastic. Fantastic.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

I. I’m through with my question sir.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. We’ll take this as our last question and I’ll hand it over to Jaisa for the closing remarks.<\/p>\n

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

Dear friends, thank you for your questions and hopefully we have answered all your.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Questions to your satisfaction.<\/p>\n

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

Only one thing is that you have not seen the result as you expected but then now we have ramp up all the capacity utilization capacity.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

The Capex.<\/p>\n

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

Capex has been done and from this quarter, the coming quarters we will start giving you what you have desired and hopefully then you will come up and say good result about it.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

That’s.<\/p>\n

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

That’s all.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

I don’t want to say anything more. Thank you so much. Thank you sir. Namaste.<\/p>\n

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

Hello Soumya, you can disconnect now.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you so much.<\/p>\n

Jaiprakash Agarwal<\/strong> \u2014 Whole-time Director And Chief Financial Officer<\/em><\/p>\n

Thank you. Okay, bye.<\/p>\n

Ganesh Namarsekha<\/strong> \u2014 Analyst<\/em><\/p>\n

The recording has stopped.<\/p>\n

Dipesh<\/strong> \u2014 Analyst<\/em><\/p>\n

Sarah.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Chief Financial Officer Good evening […]<\/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":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-180415","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-motherson","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":174646,"url":"https:\/\/alphastreet.com\/india\/pyramid-technoplast-ltd-pyramid-q3-2025-earnings-call-transcript\/","url_meta":{"origin":180415,"position":0},"title":"Pyramid Technoplast Ltd (PYRAMID) Q3 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"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\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call 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\u2014 Managing Director And Chairman Jaiprakash Agarwal \u2014 Whole-time Director And Chief Financial Officer Analysts: Unidentified Participant Presentation: operator Please note that the discussion on today's call may include certain forward\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 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Corporate Participants: V.S. Ganesh\u00a0--\u00a0Managing Director K. 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Okay. We'll wait for another two minutes. Right? We have two minutes. Yes. This meeting\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":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=180415"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=180415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=180415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=180415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}