{"id":182292,"date":"2026-05-04T10:32:26","date_gmt":"2026-05-04T14:32:26","guid":{"rendered":"https:\/\/alphastreet.com\/india\/filatex-india-limited-filatex-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-04T11:44:29","modified_gmt":"2026-05-04T15:44:29","slug":"filatex-india-limited-filatex-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/filatex-india-limited-filatex-q4-2026-earnings-call-transcript\/","title":{"rendered":"Filatex India Limited (FILATEX) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Filatex India Limited (NSE: FILATEX) Q4 2026 Earnings Call dated May. 04, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Madhu Sudhan Bhageria<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Chanvi Kankariya<\/strong> \u2014 Analyst<\/em><\/p>\n

Surya Narayan Nayak<\/strong> \u2014 Analyst<\/em><\/p>\n

Harshit Kharka<\/strong> \u2014 Analyst<\/em><\/p>\n

Niraj Mansingka<\/strong> \u2014 Analyst<\/em><\/p>\n

Saloni Munshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Udit Sehgal<\/strong> \u2014 Analyst<\/em><\/p>\n

Sagar Vasa<\/strong> \u2014 Analyst<\/em><\/p>\n

Disha Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Hitaindra Pradhan<\/strong> \u2014 Analyst<\/em><\/p>\n

Anuj Haria<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to the Filatex India Limited Q4FY26 conference call hosted by BrandingEdge. [Operator Instructions] Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Chanvi Kankaria from Branding Edge. Thank you. And over to you ma’. Am.<\/p>\n

Chanvi Kankariya<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good evening everybody and welcome to Filatex India Limited’s earnings call to discuss the Q4 and FY26 results. We have on call with us Mr. Madhusudan Bagheria, Chairman and Managing Director, Mr. Ashok Chauhan, Chief Visionary Officer Mr. Nitin Agrawal, Chief Financial Officer and Mr. Vedansh Bagheria, Vice President, Corporate Strategy. We must remind you that the discussion on today’s call may include certain forward looking statements and must be therefore viewed in conjunction with the risks that the company faces.<\/p>\n

May I now request Mr. Madhusuddhan Bagheria to take us through the company’s business outlook and performance Subsequent to which we will open the floor for Q&A. Thank you. And over to you sir.<\/p>\n

Madhu Sudhan Bhageria<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Thank you. Janhvi. Good evening and a warm welcome to all of you attending earnings call for the quarter ended March 2026 and FY26. I trust you would have had the opportunity to go through the presentation which has been uploaded on our website as well as the stock exchanges. Before we get into the detailed numbers, I would like to briefly address how we are presenting performance this quarter. Typically we review performance on a sequential basis comparing Q4 with Q3. However, the current quarter has been impacted by an unusually volatile external environment.<\/p>\n

The sharp and rapid movement in crude oil prices during the quarter created significant uncertainty across the value chain. Given the strong linkage of our business to crude and its derivatives, the volatility disrupted the normal operation rhythm of the industry. As a result, the Q4 versus Q2 comparison does not provide like for like reflection of underlying business performance. It is influenced more by short term external shocks rather than structural or operational factors. Therefore, for a more meaningful assessment we are presenting year on year comparison Q4FY26 versus Q4FY25 and a full year performance FY26 versus FY25.<\/p>\n

I believe this approach is better to capture the true trajectory of the business excluding transient volatility. We will of course address any specific question on sequential movements during the Q&A. I’ll quickly run through the key performance numbers on a year on year basis profitably showed an improvement. The revenue in Q4FY26 stood at 985.5 crores compared to10.80 crores in Q4FY25. Sales volume of Q4FY26 was 89,841 metric tonnes, marginally lower than 96,561 metric ton. In the corresponding quarter last year, profitability metrics improved materially.<\/p>\n

EBITDA increased by 13.86% to 86.26 crores from 75.73 crores in Q4 FY25 PAT reduced by 2.75% to 40.25 crores compared to 41.39 crores last year. For the full year FY26 the company reported a marginal decline in top line and volumes while delivering strong growth in profitability. Revenue in FY26 stood at 4160 crores as compared to 4252 crores in FY25 reflecting a slight decline. Production volume stood at 3.89,027 metric tonnes just above about half a percent lower than 3.91,300 metric ton. In FY25.<\/p>\n

Sales volume was reported at 3.88,800 metric ton compared to 3.90,200 metric ton in the previous year. Despite the modest decline in revenue and volume, EBITDA increased significantly by 34.5% to 346.50 crores up from 257.70 crores in FY25 indicating improved margins and operational efficiency. PAT rose by 36.7% to 183.9 crores compared to 134.6 crores in the previous year. The Indian textile industry entered FY26 on a strong growth trajectory. The demand of polyester yarn was robust and we had a good performance till Q3.<\/p>\n

I’d mentioned that the EBITDA in the first three quarter existed the EBITDA of the previous year. Our escalating geopolitical conflict of Iran, Israel and US caused uncertainties and tension in the Middle east disrupting this momentum. In all these years we have not witnessed such disruptions spread across the UAE, Kuwait, Saudi Arabia, Oman, etc. State of Hormos one of the busiest shipping traffic lanes was under seas. A sharp surge of 40 to 45% in petrochemical input cost driven by crude linked volatility both in terms of price as well as availability placed significant pressure on the polyester value chain.<\/p>\n

At the same time, weak demand and cautious market sentiment limited the ability of manufacturer to pass on these cost increases resulting in margin compression across yarn and fabric segments. Temporary policy interventions, including short term custom duty relief have had limited on ground impact due to long import cycles, highlighting the need for more stable and predictable policy support. In addition, supply chain disruptions, particularly uncertainties in availability of input materials and shipping routes, coupled with rising logistics cost have made forward planning increasingly difficult.<\/p>\n

India’s dependence on imports, especially for mega continues to remain a structural concern. Workforce availability has also emerged as a challenge with migrant labor shortages affecting operational continuity in several regions. As a result, the industry is currently witnessing a phase of production rationalization with companies prioritizing operational stability and cost efficiency over aggressive volume growth. Despite these unforeseen near term pressures, the underlying fundamentals of the industry remain intact.<\/p>\n

The current slowdown appears to be cyclical and sentiment driven rather than structural as textile continues to be a non discretionary consumption category. As geopolitical conditions stabilize and input cost normalize, therefore demand is expected to deter positioning the industry for a gradual recovery. In the European Union the competitive picture is set to change quite sharply once the India EU agreement comes into force. The EU represent a large and attractive market, over $370 billion offering substantial headroom for Indian exporters.<\/p>\n

India will effectively move to zero custom duty from 10 to 12% presently on most textile and natural exports. In simple terms, EU is moving towards a structure where India and Vietnam are at zero duty while Bangladesh faces a possible step up in tariffs after 2029 and China remains at a clear disadvantage. In the United States the situation is very different because there are no free trade agreements with India, Bangladesh or Vietnam or textile. US market size is also large at around $300 billion.<\/p>\n

All three countries, India, Vietnam and Bangladesh export broadly under the same standard tariff structure, typically ranging from about 8 to 20% depending on the product. China is the clear outlier as it faces Additional Section 301 tariffs on top of the normal duties, taking its effective tariff burden to roughly 15 to 45%. This creates a substantial pricing disadvantage for China and has been a key driver behind the shift of sourcing to other countries. India’s upcoming PTA capacity addition is now becoming a tangible led by Gale and Indian Oil Corporation.<\/p>\n

Gale’s Magloire plant is expected to commence commercial production around July 2026, making it more immediate and creditable source of new supply. Indian Oil’s Paradeep PTA project is making good progress and commissioning is targeted around December 26. Together both projects could add about 2.4 million tonnes per annum of PTA capacity, significantly reducing India’s import dependence. The Reliance is also setting up a large capacity of 3.2 million tonnes which is likely to go on stream by end of calendar year 2027.<\/p>\n

So next 24 months would make a structural shift in PT availability in India. In spite of all conflicts and upheavals of Iran, Middle East, US causing which are disrupting the well established supply chain and logistics, we remain resilient and we are buoyant about the medium term prospects of polystyrene industry. Structural capacity additions in pta, easing of policy related cost risk, improving global trade sentiments and disciplined execution of our CAPEX program together provide a strong foundation for sustainable growth and margin resilience.<\/p>\n

Pelletex is under a comprehensive Capex program of 690 crores aimed at driving the next phase of growth and strengthening its value added portfolios. This includes a PFY brownfield expansion, enhancing FDY DTY capacity and optimize the product mix towards higher margin segments alongside a textile to textile recycled greenfield project that establishes a circular polyester platform converting end of life textiles into virgin grade polymer and yarn. The company is also implementing automation at its age plan to improve operational efficiency and liud reduce labor dependency while advancing its renewable energy transition to significantly increase the share of green power in its energy mix.<\/p>\n

In addition, a steam distribution initiative is being developed to monetize surplus steam from the captive power plant by supplying it to nearby industries promoting energy efficiency. Collectively these initiatives are expected to deliver an annual EBITDA impact in the range of 218 to 230 crores while reinforcing Pelletic’s competitiveness, sustainability and long term growth trajectory. All our planned projects are now at an advanced stage of construction and installation and are progressing well in line with our execution roadmap.<\/p>\n

The initiatives across recycling, capacity expansion, automation and energy transition collectively reflect our continued focus on building a more efficient, sustainable and future ready business. Barring any unforeseen circumstances, equipment deliveries are expected to remain on schedule supporting timely commissioning. Overall, this integrated CAPEX program is shaping up as a well coordinated effort towards strengthening operations, improving cost efficiency and advancing our sustainability objectives.<\/p>\n

Thank you for your patient listening. Now I’ll be glad to answer your questions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Surya Narayan Nayak security. Please go ahead.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

Yeah. Thank you sir for giving me opportunity. Am I audible properly, sir?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yes, audible.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

Okay. Thanks. So sir, as we progress in Q1 we understand that now the volatility has reason still higher. And. And presumably it will be remaining so in the Q2 also. So considering that what would be our production planning for Fasta? Because you said that the market is remaining cautious. So are we going to suboptimally use our capacities below maybe 1 lakh ton per annum per quarter.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

You see today it’s very dynamic time. So we are very cautious and we are taking decisions based on the current market situation which are changing day to day. So yes, definitely we will be not producing full 1 lakh tonnes in this quarter. It could be lower by anything from 20 to 25% minimum as of now. But it’s hardly one month which is over in this quarter. So it’s difficult to say how it will shape up in next couple of months. Because things are very very dynamic. You also know every day things are changing.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

So. And secondly that we saw that there is a foreign exchange fluctuations charge of around 13 crores that has came in Q4. So which has actually dented our bottom line though we have. We were. We did better in EBITDA gross margin everywhere. But just to understand from your structurally that after the PTA plants that will be coming up in the form of the gale and others. So. But still we will be depending upon the meg and for a turn basis I would say 600 plus kilograms of PTA will be required. Plus or around more than four 400 kilograms of MEG will be required.<\/p>\n

So if that is the case that proportion then how. How the mitigation on the foreign exchange fluctuations will be catered to because we are not exporting too much to in our bucket. So how you are going to mitigate going forward because rupees also sliding and that the scenario is going to also not help us. Yeah,<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

You’re right. And so we have taken a cautious view and we would be hedging more from now on. See there is a misconception it you require 860 grams of PTA and only 340 grams of MEG to make 1 kg of polyester also the price of meg is much lower than pta. So if you go cost wise the hardly the cost of meg is less than 25% in the whole scene. Still whatever it is we will try to take care that we don’t lose so much. It also even if we would have hedged totally then also the hedging cost is around 3.5% to 4% per dollar.<\/p>\n

And we at any given time have exposure of around 500 to 550 crores. So in any case even if you hedge then also you lose around 75 to 20 crores every year in the hedging cost. Of course this quarter we have been caught on a wrong foot. So this war has continued longer than expected. But henceforth we are taking precaution that it doesn’t repeat.<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt. Mr. Nayak, your voice is. Can you please use your handse. No, still same.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

You can continue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Harshit Kharka from Robo capital. Please go ahead.<\/p>\n

Harshit Kharka<\/strong><\/p>\n

Thank you for the opportunity. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, you are.<\/p>\n

Harshit Kharka<\/strong><\/p>\n

Yes. Thank you. So sir, the 690crores of capex that we are doing how much of that would be equity and debt? I mean I just want to understand the split<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Equity debt. I can tell you Debt is around 335 crores. Rest is equal.<\/p>\n

Harshit Kharka<\/strong><\/p>\n

Right? Do we have any outlook for debt for FY27 and 28?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

FY27 and we would have a debt of around 350 to 360 crores on the outside.<\/p>\n

Harshit Kharka<\/strong><\/p>\n

Right? And my second question is regarding roe. Like what kind of roe profile are you targeting?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

I think by end of this year our ROE has come to. 12.96% as compared to last 10.62. And hopefully we should be able to add another 100 or 200 basis point in this year. If things become alright in this quarter, if they continue for long then it’s difficult to say<\/p>\n

Harshit Kharka<\/strong><\/p>\n

All of that. Understood. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the lineup Neeraj Mang Singha from Pipe Pine investment. Please go ahead.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

Thank you. I just wanted to understand on the. You said you mentioned about a difficult scenario. Can you elaborate on that? Is there a volume issue? Is there availability of raw materials? Raw material is not an<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Issue. The problem is the prices have gone up very high and we are not able to pass on the full price. And demand is also low. Because the downstream doesn’t want to buy at higher prices because they’re not able to sell goods at higher prices. And everybody Is afraid if the war stops, there will be a sudden drop in the raw material prices. So everybody is cautious. And fabric is such a thing that people can postpone their buying for some short time. So that is what is happening right now. Although now some recovery in demand we can see from starting of this month.<\/p>\n

Let us see how things go forward. Basically, people are not able to digest such high prices as of now. So they are little cautious at this moment. And traditionally also see, April and May are not very good months. There’s a lot of migration of the labor. And this time labor migration has increased drastically due to the shortage of lpg, the cylinders and all these. All these migrated labor use these cylinders. And the cost of the cylinders have gone very high. And there was some fear among them.<\/p>\n

I don’t know what. But yes, there is a fear. So labor has been going back to their native places in a huge volume. And this West Bengal elections also. And elections other places also supported this. So all in all this has happened. But now I think labor has started coming back. Maybe by end of this month or middle of this month, things should normalize.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

Got it. But in terms of you, in order to increase the prices, can you tell how the spread was in Q3 and what was the average for Q4? And what is it currently the any typical spread that you track?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

You see, we were doing around nine rupees a kg profitability, which dropped this quarter in the month of March. Significantly because of March thing. March. The results are slightly better because also we got. Because the prices increase. There is some stock profit also involved in this. Otherwise we would have had lower profits.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

But how much did you fall to in the month of March? As much as<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

If I take March independently, I think we would be better neutral. There would be hardly any beta in March. If we take prices of the raw material on the current day and the sales on the current day.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

And what about today? Like how is it right now?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Also it is almost beta neutral at the moment.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

But with the crude price correcting. Do you see this? Your margins coming back after? The problem is not…<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

The crude price being high or low. The problem is the fear that it will fall once the war stops. We have witnessed such high crude prices previously, also in the long time back, and also higher than this. But if you feel the prices are going to go up, the demand is there. But if you have a fear that it can fall any day, which it did once there was a truce, no, it fell to almost $85. So that fear is there among the people if that fear goes away, it doesn’t affect too much to them buying 10 rupees costly or cheaper in the final product.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

Got it. But what is a comment? Can you comment on the inventory in the system of the of your customers? Like how is it right now? Any thoughts on that?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Right now everybody has zero inventory on the raw materials. Finished inventories are little higher. Because everybody has sales problem. But the raw material everybody is keeping on a very very low inventory.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

Your customers, they are had hardly having much of yarn. They don’t<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Have yarn. And similarly we don’t have too much of PT Meg. But we have some finished products, extra production stocks. Although we have curtailed production so that we don’t go beyond a certain days.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

Okay.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

We don’t want to keep too much of stock. But yes, it is on a higher side.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

So how does it work out in the sense that when there’s a demand pull, is there availability of imported products right now in the market or<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Was also coming in a big way. But I think going forward it will not come. Because Chinese prices are very high. Also government had for the time being removed the duty on ptime till June. So that also helped a little bit. But otherwise also Chinese prices are quite high. Even if we take it into account like our prices are lower by 10 to 15 rupees than Chinese landed prices as of today.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

You’re talking of PTM is both.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

No, I am talking about Yan PT Meg. Of course we get at the landed price only with their. Because it’s almost like a semi monopoly kind of a situation.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

Okay, sorry. I just love. I just repeat what you said. You said the Indian yarn prices today are lower than the Chinese imported ones.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Right?<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

And the Chinese we<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Get a new parity only there. We don’t get any discounts. I mean major discounts from the suppliers.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

They are pegged<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

At import parity more or less.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

So your raw material is same as what the Chinese guys are facing. But your selling prices are 10% lower. And that’s the reason for the compression in margins today.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Right. Our prices are higher than Chinese because Chinese get PTA much lower. We import from China only pta Meg. Yes, we are both equal. But in PTA definitely our prices are much higher to the tune of the freight and cost handling which we have to incur extra for getting it to India. Which is at the moment around 8 to 10 rupees. Because the freights are also very high today.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

Okay,<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

That is inbuilt in the Indian price.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

I come back to the queue. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Salah Saloni Munshi from Crystal. Please go ahead.<\/p>\n

Saloni Munshi<\/strong><\/p>\n

Hi, am I audible?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yes, you are.<\/p>\n

Saloni Munshi<\/strong><\/p>\n

Yeah. I just wanted to know the. Since the revocation of QCO in November, have we seen any impact on our business for the Q4?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yeah. After the QCO info question there was a flux. I mean there was a lot of imports from China so that’s why we also had some margin pressure in this January and February we corrected the price to avoid imports but still there was a lot of imports happening and which is coming till now. But now the Chinese prices have moved very high so new imports will not come in future. But whatever had been booked earlier is still coming.<\/p>\n

Saloni Munshi<\/strong><\/p>\n

Oh okay, thanks. And secondly, we have heard a lot about like substitution. People will be moving towards cotton from synthetic and all. Is that possible? Like since polyester has different properties,<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Nobody can move from polyester anywhere because anything other than Polyester is either 50 to 100% costlier than minimum. 100% costlier than polyester. So who would like to move to a costlier product?<\/p>\n

Saloni Munshi<\/strong><\/p>\n

Okay. Okay, that’s it from my side. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Ujay Sehgal from Pinpoint X Capital. Please go ahead.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

Yeah, good afternoon sir. Am I audible?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yes you are. Please go ahead.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

So I wanted to know regarding the Steam project, what is the progress on that? When should that be online? Because that had a good saving, you know on a small capex.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yeah, so that should be online. It was supposed to be online in June but we are facing some delivery issue in the turbine so maybe one month more, maybe in mid July max.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

And regarding the recycling project sir, what are the timelines? Are we on track? And we’ve been hearing that<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Is that is to start by end of September and right now everything looks to be on time. I don’t see any delay in that.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

And we’ve been doing like tie ups with Decathlon and like other.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yeah, yeah. We are in talks with a lot of companies and hopefully we should be having a good start once we start. And we are also doing seed marketing with them. We are from our pilot plant. We are giving them samples and getting approval so that we can place some bigger orders once our plant is operational.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

So you don’t see any challenge in booking the whole production once?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

There are a lot of challenges. I don’t say I don’t see. But we are trying to work on it. It’s a new product, show everything so there wouldn’t be challenges. But yes, we Are trying our best so that we can overcome them before our plant starts in terms of sales. Because you know with all the brand it’s a little longer timeline till they approve the things.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

And I believe our main market for this was the EU European Union. So with the FTA coming in, would that further give a filip to us?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yes, it could. It can give a further advantage to us once it is operational. I think. I believe it will be operational by end of this calendar year the way things are.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

Thank you sir and best of luck.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Sagar from Asrealt Investments. Please go ahead.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yes you are.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Yeah. Sir, what is your gross asset? Turn on this greenfield project and downfield project.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Say that again please.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Gross asset done. So basically what kind of revenue are you expecting from this? 300 capex from Greenfield and<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

See the brownfield we would be doing 55, Around 500 crores top line from the brownfield and around 350 to 400 in the green field of recycling.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Okay, fair enough answer. You told us about this Indian oil and gas and Reliance is putting up their PTA capacity around 2.4 million this year and next year 3.0. So what is their current capacity for PTA? And also then we would be taking from them and would be any cost advantage to us. Are they cost advantage?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Once a commodity becomes surplus in a country automatically everybody would compete and give you at a better price. Right now reliance produces around 4.2 to 4.4 million tons. Indian Oil produces around 0.7 million tons. And Gail, this is the first venture.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

So you are saying that also. You said that currently you know demand is an issue. Sailing is an issue basically. And everyone is running low on raw material. So availability<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Is not an issue. But see demand for the yarn is an issue. That is why everybody is running on a low capacity. Overall the industry is running at around 60% capacity utilization. We are running at around 75%.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Fair enough. So in terms of global polyester yarn demand. So I was reading an article where China is also saying that they want to have better roe roc on their capacities and all. They<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Are also rationalizing their capacity. They are closing down plants which are inefficient and not profitable. So that is why you can see the price has gone quite high. So. Because they also want to make profits now.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Yeah. What do you think<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Things normalize. We will be able to capture that also.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Yeah. So how do you think industry next to three years?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

I think washed off things normalize industry to show very well this is. They are going to be very golden years for polyester once this stops.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Fair enough. And also, I mean this textile to textile thing. So is any global company or pair that we can study because this is a complete new thing, right. And<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

There are a lot of companies who are planning to bring it, but there is no company which is operational as of now. There is only one company in China which is operational for that data I don’t think is easily available. Cyclone is the name of the company. There are two, three companies.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Carbios<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Is trying now. Loop has tied up with Esther. So even if you just study the Loop project with Esther, they are putting almost two and a half times capex per ton than what we have put. And if you see their pricing and EBITDA commitments, they are much higher than what we are saying. There are a lot of companies, you can google it, you will get a lot of companies who are doing chemical recycling and they have spent millions and millions of dollars in research but still they have not come up with any big plant.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

So what, what you’re doing is quite special basically, right?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yeah, it is. Let’s hope it works well.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Yeah, yeah. So then how do you, when you approach a client, let’s say how do you. I know that you have a pilot plan, then you had this decathlon and all that<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

We show in the product. They test the product, they check every quality. They make fabrics out of it, garments out of it. And if they are satisfied then they would go ahead with bigger orders in future<\/p>\n

Sagar Vasa<\/strong><\/p>\n

And in the first year. So what expectation in terms of capacity utilization you have for this plant in<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Six months? I don’t feel that we would be able to utilize fully. Maybe around 70% or 65%. But then next six months we should be almost full capacity first.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

60, 70% is also very good. 60, 70% is also Very good.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yeah, because I feel that much because the kind of tie ups we are having and talks we are going on, I’m sure because it’s not a big capacity. 75 tons per day is not a big capacity. There are people who can buy the whole 75 tons in one bore.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

And in terms of prices, so what would be the difference of a normal polyester yarn per kilogram price versus you know, textile to text tank and realization difference?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

It could be, it could be ranging from like today the price of Virginian is around 120 rupees. This could be 180 to 225.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Fair enough. Okay, thank you sir. I will be joining the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Disha from Sapphire Captain. Please go ahead.<\/p>\n

Disha Mehta<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

You’re audible ma’. Am. Please receive. Yes.<\/p>\n

Disha Mehta<\/strong><\/p>\n

Yeah. Okay. So thank you for this opportunity. So if I look at your past 12 to 15, your quarterly run rate has sort of been in the range of thousand to eleven hundred sort of clip. But given this expansion that is going to come online, how do you see growth in FY27 and going ahead? Any color on that?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Right now with this war situation I can’t give you any good guideline. If the normal year we would do at least 500 crores more than what we do in an year which is 42 4300. So we should be close to 4800 with the new Capex which we are doing in Filatex with the subsidiary Capex that will add another 350 to 400 crores more.<\/p>\n

Disha Mehta<\/strong><\/p>\n

So you, you. So you’re hoping for around 4800 sort of clip right?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yeah. In a full year or full operation year we should know. But this FY27 only 6 months we will get for the right production. So it will maybe around 4,500 in this year. And FY28 it could be around 4,800 in Filatex and another 400 from ecosystem.<\/p>\n

Disha Mehta<\/strong><\/p>\n

Okay. Okay, fair enough. And how should one look at the margin going ahead? Was the steady state that you’re targeting?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

I think steady state. We should do something about double digit in filer text. Of course in tech field the EBITDA margins would be around 30% minimum.<\/p>\n

Disha Mehta<\/strong><\/p>\n

How much?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

30%.<\/p>\n

Disha Mehta<\/strong><\/p>\n

Or the subsidiary business.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yeah, that’s a specialty business that will definitely have more margins than this.<\/p>\n

Disha Mehta<\/strong><\/p>\n

Okay. Okay. And how do we see this subsidy sort of revenue shaping up? What percentage of the overall revenues are we targeting?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

I gave you the numbers, you can calculate the percentage. No, I said 350.<\/p>\n

Disha Mehta<\/strong><\/p>\n

No, no going ahead.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

So that’s the full capacity wise it can do around 400 crores. So it’s not going to increase the full capacity utilization. Also it gives you 400 crores.<\/p>\n

Disha Mehta<\/strong><\/p>\n

Oh okay. All right. Okay, that’s it. From my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Hitendra Pradhan from Maximal Capital. Please go ahead.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Yes sir. Good afternoon and thank you for giving the opportunity. Am I audible?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yes you are. Yeah.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

First portion is this 690 crore capex that you are doing. You said 335 crore will be the additional debt that you will take. So remaining everything will come from the internal approvals or. Yes,<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

No, all internal accruals.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Okay, understood. Secondly, you know when I look at this, your base polyester business so that has been doing like 8% sort of a margin if I exclude the other income. So going forward also should we consider this 8% as the base for our PFI business?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

No, no. The base has to go to at least 11 12%. Otherwise nobody would reinvest in this business. So today a typically 2 lakhs and plant cost around 17, 1800 crores. So if you don’t, which is 2 lakh ton means around 2250 to 2400 crores of top line. So you have to generate around 12% to justify your investment.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Agreed. But in a lot of commodities at the end of the day you are making these sort of lower margins and lower roc. Only when you compare it to greenfield, it doesn’t make sense.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Then you will not see a growth in that commodity. No. Nobody will put up a new plant for that. So every year in world you need three, three and a half million tons of polyester. And right now the polyester capacity worldwide, I mean the production worldwide would be close to 53 to 54 million tons. India is doing around five and a half million tons. China is doing around 42, 43 million tons. China will also not grow if they don’t get around 10% margin.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Okay. Okay. So let’s say it reaches to 10% odd. And then you are also doing, you know this renewable and steam project which is. And<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

This year our margins was around 8.8.9% full year 8.33. Now PTA coming to India with all these company that will add at least one one and a half percent more margin. So above 10 is a very very easily achievable at least in once the things are normalized.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Understood? Understood. Now you also mentioned that you can get a PAT of 218 to 230 crore from all these initiatives. That is the annual pat which will be added.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

I said, I said EBITDA. Not bad.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

200, 218 to 230 crore of additional EBITDA.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

All these investments. Yes.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

And by when can we hope to reach to this level?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

No, all these things will be more or less commissioned by September. So in the second half barring the recycle we should be utilizing the capacities fully, more or less. Going to generate around 80, 90 crores of beta. So if you leave that, so we should be able to get at least 140 crores means 70 crore digital EBITDA in this Year from the other operations.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Okay, so everything else will get immediately utilized including the PFI expansion month<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Or so. I mean not immediately but not more than a month is the lag time for everything. Team could take two, three months. Initially maybe we do 70, 80% and within two, three months we will be able to add more clients.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Understood. Now coming to the ecosystem. So you know right now you mentioned that there’s some pilot going on with a couple of clients. So you know what is the technology? So now you are giving them the final product and then they will be manifesting. So have you received any positive or negative feedback till now from these clients?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

There is no negative feedback. It is a process which is a longer process. You have to submit sample, it goes to their different places. Then it gets converted into garments and then they do it. Such a long process. It takes four to six months for any big company to approve things. Minimum.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Okay, so when are we expecting to. You know, in your own mind like when you will get confidence that. Okay, now the validation of this for the clientele that I am targeting is over. When is that milestone? Sir,<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

It’s difficult to say. There are so many clients like two we have already achieved. Now with others we are working and I hope that we should be able to complete the desired quantity by this year and at least the number of customers we need to sell our full volume.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Okay? No sir, but I was thinking that you know given the requirements of these customers which are very large even if you satisfy the requirement on the technical parameters for one client your entire capacity should get booked by this one client itself. Right. So then<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

We would not like to do that. We’ll be dependent on that. Supposing he stops buying, what do we do? So nobody wants to be dependent on one client. We would like to have a basket of clients.<\/p>\n

Hitaindra Pradhan<\/strong><\/p>\n

Okay. Okay. And I’m sorry to<\/p>\n

Operator<\/strong><\/p>\n

Interrupt. Mr. Pradhan, please rejoin the queue for follow up questions. Thank you. Next question is from the line of Anujaria from Interglope Services. Please go ahead.<\/p>\n

Anuj Haria<\/strong><\/p>\n

Hi, my question is more around the PTA facilities that are coming up. So now with the new brownfield capacity coming up in September, our total capacity is somewhere nearly four 70,000 metric tons. So in absolute terms can you quantify how much, how many crores of rupees will be saving when the new PTA plant comes? Guys, in July and December,<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Savings in terms of what you have to buy pta. Right now we are importing. Then our imports will reduce once this plant comes in operation.<\/p>\n

Anuj Haria<\/strong><\/p>\n

Correct? Correct. So basically correct. Currently the Freight charges extra that we’re paying. How much? How much dot?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Oh no. But see even the Indian, they are not leaving anything. Whatever is the landed cost of the imported they are charging at the same price. So there will be no savings. The saving will happen once ETA becomes excess in India. Then they will compete and sell cheaper than the landed price.<\/p>\n

Anuj Haria<\/strong><\/p>\n

Okay. Okay. Initially. Initially to begin with there will not be any say any savings or margin improvement on this one<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

There. But very negligible once both the plants are operational. IOC and gale then maybe some savings will creep in. Because then there’ll be enough PT available. And they would like to fight among themselves to get hold of the customer so they could offer some extra discounts.<\/p>\n

Anuj Haria<\/strong><\/p>\n

Okay. That’ll be awesome. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Surya Narayan Nayak from Suniti Securities. Please go ahead.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

Yeah. Am I audible sir? Properly hope I’m audible. So. Yeah. So just to understand one point that in the. In the textile to textile recycling when the will be recovered. So that has to be again further processed. So if that is the case then are we going to utilize the new facility that is upcoming new facilities to process the same. And second question is that in the, in the glycolysis process that we are currently implementing. If my understanding is right, so that is actually giving the pet which is.<\/p>\n

Which is nearly in terms of quality parameters, virgin pet then my point is that because of this crude volatility and the ptame issues. So are we, are we thinking of you know having more of the recycling facilities to extract the beauty rather than. That is the recycling recycling route rather than the virgin route. Because the mandate from the EU side is increasing. So what is the, what is the call in on your side for the long term view<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

The long term definitely we would like to go more for recycling only. We will not invest too much money in the virgin. This also virgin we have invested is a brownfield project. So we had certain extra chips available or certain places where we could add value. There we had invested 235 crores. Going forward I don’t think too much opportunity would be left and major expansions would come only in the recycle business where we would be converting textile waste into virgin chips. Yes. This yarn facility we can use for virgin as well as recycle which new or existing which we have right now.<\/p>\n

So we can use any facility for converting from virgin or recycle. Once you have a chip then every facility is similar.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

So this, this 300 crores of facility, the end product will Be cheap or we will be processing or the end product will be the yarn.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

It will be only chip yarn. If need to be processed, it will be processed in the existing facility or the new machines which we are putting.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

But the mandate from the global brands that is coming, that is for the yarns, not the cheap. I mean, I mean if my.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

We will make chip from the existing facility and give it to them if they want yarn.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

Okay. But their mandate is only from the recycled one. I mean especially from the chemical process.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

So the chip is basically made from textile waste. No, that is what the mandate is that your raw material should be textile waste, not pet bottle.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

So yeah, we are making the chip<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

From textile waste. And after that if we make yarn from that, it still qualifies for their whatever they have the mandate for.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

Correct. So my point is that no. Is it not prudent in the cost wise. Is it not prudent to go for that kind of facilities more going forward rather than, I mean, I mean scale of<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Plants? See, my technology is to convert waste to chip. My technology is not there to convert chip to yarn. I can sell chip to people who are making yarn. I need not invest on something which is already there. There is no technological advantage. So I will make chips. And there are a lot of people who can make yarn and give it to the customers. No? We can use that also. But if you require more yarn and if we have more chips, then there are a lot of people who would be willing to buy chip and make yarn and give it to people be all these brands.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

So beyond, beyond this brown tool facilities, you know, we will not focus on the yarn more on the cheap side, right? Am I right?<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yes, you are right. Because that is what the technological advantage we have and what is what we have developed.<\/p>\n

Surya Narayan Nayak<\/strong><\/p>\n

Okay. Regarding.<\/p>\n

Operator<\/strong><\/p>\n

Please rejoin. Thank you. Next question is from the line of Neeraj from White Pine Investment Management. Please go ahead.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

I, I just as a clarification you said about the. The prices in India is lower for the polyester yarn. What I’m about, I understand is for you, your cost is similar to what a Chinese guys are bearing with adjusted for the freight cost. But the realization that you are getting in India are 10% lower than what China competitors are getting. Is it the right understanding? Yes,<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yes. So because in India demand is very low and we are competing among each other and we have all of us have cut production also. That is why the margins are lower at the moment. Once the demand picks up, everything gets normalized.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

So on a like to like basis. Because the prices are 12%. There’s a possibility of maybe 10 to 12, 8 to 12 rupees jump in the prices once the demand comes back. Is it the right understanding? Yes.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Right. You’re right.<\/p>\n

Niraj Mansingka<\/strong><\/p>\n

Okay, got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next. Next question is from the line of Sagar from Astral Investments. Please go ahead.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Hello. Yeah, thank you for the question. So just one thing wanted to clarify. So you said that 30% margin on textile to textile plant. On other hand your presentation says around 6580 crores of EBITDA. So margin should be 20%. Right? You said 30% on the call.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

The margin is 30%. Maybe it’s very difficult to predict right now. But I am saying minimum 30% EBITDA we should get.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Okay, but then you made in the presentation like 65, 80 for OTS EBITDA and your revenue would be 4<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

To 85 crores for recycle. Not 60, 80 to 85 crores. I have always maintained for recycle which is on a lower side. It can always be improved. One thing crystallize. I try to feel it not too optimistic. Be very conservative. We are getting. We are feeling we should be able to do better in the percentage that<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Understood. And so just one more thing. So the past participant has asked. We have the technology of polyester chess and we will be you know converting that to the yarn and. Or maybe polyester chips selling to the other player to convert it to the yarn. So it’s a backward integration, right? I think so. So how would you know your revenue would grow in FY28? So this. Suppose that this 3, 400 crore of top line that you’re targeting. If you use that internally. Right. To make the yarn then your. Your margins will increase but your sales will not be right.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

Yeah, if I. You are right. If I use that volume to convert in house then my top line will not grow too much. It will grow with the only incremental value addition which I am doing. Right idea is to sell chip more than convert it. Conversion I am doing to satisfy them initially. Yes. This can be converted to yarn. And it will give you a better result very eventually. See that is not a technology from any chip you make a yarn is same thing. So the value addition is not going to be very extraordinary in make converting from textile recycled chips to yarn or virgin to yarn. So going forward we like to invest more in the technology which we have developed now.<\/p>\n

Sagar Vasa<\/strong><\/p>\n

Understood. Fair enough. Okay, that’s it. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. We will take that as a last question. I would like to hand the conference over to the management for closing comments.<\/p>\n

Madhu Sudhan Bhageria<\/strong><\/p>\n

I’d like to thank all the participants. So next time we see you after another three months. Thank you very much for sparing your time and joining us in our call. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Filatex India Limited (NSE: FILATEX) Q4 2026 Earnings Call dated May. 04, 2026 Corporate Participants: Madhu Sudhan Bhageria \u2014 Chairman and Managing Director Analysts: Chanvi Kankariya \u2014 Analyst Surya Narayan Nayak \u2014 Analyst Harshit Kharka \u2014 Analyst Niraj Mansingka \u2014 Analyst Saloni Munshi \u2014 Analyst Udit Sehgal \u2014 Analyst Sagar Vasa \u2014 Analyst Disha Mehta […]<\/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-182292","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":174122,"url":"https:\/\/alphastreet.com\/india\/filatex-india-limited-filatex-q2-2025-earnings-call-transcript\/","url_meta":{"origin":182292,"position":0},"title":"Filatex India Limited (FILATEX) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Filatex India Limited (NSE: FILATEX) Q2 2025 Earnings Call dated Nov. 13, 2024 Corporate Participants: Madhu Bhageria \u2014 Chairman and Managing Director Unidentified Speaker Analysts: Aditya Vora \u2014 Analyst Unidentified Participant Sandeep Raj \u2014 Analyst Harsh Patel \u2014 Analyst Presentation: Operator Ladies and gentlemen, good day, and welcome to Filatex\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":173013,"url":"https:\/\/alphastreet.com\/india\/filatex-india-q2-fy26-earnings-results\/","url_meta":{"origin":182292,"position":1},"title":"Filatex India Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"December 11, 2025","format":false,"excerpt":"Filatex India Ltd, engaged in manufacturing and trading synthetic yarn and textiles such as polyester chips and narrow fabrics, reported exceptional profitability growth in Q2FY26. Financial Highlights: Revenues increased 2.57% year-on-year to \u20b91,076 crore from \u20b91,049 crore. Total expenses fell 1.64% to \u20b91,017 crore from \u20b91,034 crore. Consolidated net profit\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\/2025\/12\/FIL.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/FIL.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/FIL.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/FIL.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/FIL.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/12\/FIL.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":174120,"url":"https:\/\/alphastreet.com\/india\/filatex-india-limited-filatex-q1-2026-earnings-call-transcript\/","url_meta":{"origin":182292,"position":2},"title":"Filatex India Limited (FILATEX) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Filatex India Limited (NSE: FILATEX) Q1 2026 Earnings Call dated Jul. 24, 2025 Corporate Participants: Madhu Sudhan Bhageria \u2014 Chairman & Joint Managing Director Analysts: Tanish Bansal \u2014 Analyst Unidentified Participant Niraj Mansingka \u2014 Analyst Anush Jain \u2014 Analyst Kenil Mehta \u2014 Analyst Pritesh Chheda \u2014 Analyst Raj \u2014 Individual\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":151255,"url":"https:\/\/alphastreet.com\/india\/filatex-india-ltd-q1fy24-58-fall-in-profits\/","url_meta":{"origin":182292,"position":3},"title":"Filatex India Ltd Q1FY24; 58% fall in Profits","author":"Hardik Bhandare","date":"August 4, 2023","format":false,"excerpt":"Filatex India Ltd. is engaged in the manufacturing and trading of synthetic yarn and textiles such as Polyester Chips, Narrow Fabrics etc. Financial Results: Filatex India Ltd reported Revenues for Q1FY24 of \u20b91,069.00 Crores up from \u20b91,023.00 Crore year on year, a rise of 4.5%. Total Expenses for Q1FY24 of\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-195.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-195.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-195.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-195.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-195.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-195.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":155780,"url":"https:\/\/alphastreet.com\/india\/filatex-india-ltd-q2fy24-8-fall-in-profits\/","url_meta":{"origin":182292,"position":4},"title":"Filatex India Ltd Q2FY24; 8% fall in Profits","author":"Divyansh_Kasana","date":"November 6, 2023","format":false,"excerpt":"Filatex India Ltd. is engaged in the manufacturing and trading of synthetic yarn and textiles such as Polyester Chips, Narrow Fabrics etc. Financial Results: Filatex India Ltd reported Revenues for Q2FY24 of \u20b91,108.00 Crores down from \u20b91,163.00 Crore year on year, a fall of 4.73%. Total Expenses for Q2FY24 of\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-57.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-57.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-57.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-57.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-57.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-57.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":173439,"url":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q4-2025-earnings-call-transcript\/","url_meta":{"origin":182292,"position":5},"title":"Ice Make Refrigeration Ltd (ICEMAKE) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q4 2025 Earnings Call dated May. 21, 2025 Corporate Participants: Aryan Rana \u2014 Investor Relations Chandrakant P Patel \u2014 Chairman and Managing Director Ankit Patel \u2014 Chief Financial Officer Nikhil Bhatt \u2014 Vice President Strategy Unidentified Speaker Analysts: Arnav Sakhuja \u2014 Analyst Shashi \u2014\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\/182292","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=182292"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182292\/revisions"}],"predecessor-version":[{"id":182306,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182292\/revisions\/182306"}],"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=182292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}