{"id":182337,"date":"2026-05-05T04:02:26","date_gmt":"2026-05-05T08:02:26","guid":{"rendered":"https:\/\/alphastreet.com\/india\/aarti-industries-ltd-aartiind-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-05T04:06:49","modified_gmt":"2026-05-05T08:06:49","slug":"aarti-industries-ltd-aartiind-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/aarti-industries-ltd-aartiind-q4-2026-earnings-call-transcript\/","title":{"rendered":"Aarti Industries Ltd (AARTIIND) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Aarti Industries Ltd (NSE: AARTIIND) Q4 2026 Earnings Call dated May. 05, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Suyog Kotecha<\/strong> \u2014 Chief Executive Officer and Executive Director<\/em><\/p>\n

Chetan B. Gandhi<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Nishit Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

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

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

Presentation:<\/h2>\n

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

Ladies and gentlemen. Good day and welcome to the Aarti Industries Q4FY26 earnings conference call. As a reminder, all participant lines will be on listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Nishit Solanki from CDR India.<\/p>\n

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

Nishit Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good afternoon everyone and thank you for joining us on Aarti Industries Q4FY26 earnings conference call. Today. We are joined by senior members of the management team including Mr. Suyod Kotecha, Executive Director and Chief Executive Officer and Mr. Chetan Gandhi, Chief Financial Officer. We will commence the call with opening remarks from Mr. Kutecha followed by a Q and a session where management will address participants queries just to share our standard disclaimer. Certain statements that may be made in today’s conference call could be forward looking in nature and a disclaimer to this effect has been included in the results presentation shared earlier and also uploaded<\/p>\n

Suyog Kotecha<\/strong> \u2014 Chief Executive Officer and Executive Director<\/em><\/p>\n

On stock exchange websites. I would now like to invite Mr. Kutecha to share his perspectives. Thank you. And over to you sir.<\/p>\n

Nishit Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Nishit. Good afternoon everyone. Welcome to RP Industries Limited Q4 in a full year FY26 earnings call. It’s a pleasure to connect with you all again. The quarter under review was defined by a complex and dynamic global landscape. The escalation of geopolitical tensions in the Middle east have led to disruptions across global supply chains impacting trade flows, logistics timelines and input cost structures. In particular, the prices of key raw materials such as benzene, sulphur, aniline, tolvane, methanol went up by over 60%.<\/p>\n

Elevated freight rates are also resulting in an increasing cost of global trade. Further, the curtailment of volumes from Middle east has created significant supply chain issues and has presented near term headwinds for the chemicals industry. This has reinforced our need for operational efficiency, product diversification and deeper customer engagement. Against this Backdrop, our flights with 6 performance and Q4 performance demonstrated the inherent resilience of our diversified and cost competitive product portfolio and our ability to manage global volatility.<\/p>\n

Leveraging our extensive geographic footprint and deep rooted customer relationships, the overall demand environment for our market of products remain largely stable. While we experienced disruptions in the shipments to the Middle East. We were able to proactively redirect volumes to the other geographics, ensuring continuity in operations and minimizing the impact on overall volumes. Before we go into the financials, let us also highlight the two long term contracts which we concluded in the last quarter.<\/p>\n

First one being a backward integration initiative with a leading global chemical company transitioning the relationship into a more integrated end to end manufacturing model with a capex of about 200 to 250 crore to cater to the requirement over the residual 15 year contract period and the second one is a $150 million multi year supply agreement with a global agrochemical innovator for a critical agrochemical intermediate used in crop protection formulations extending through 03-31-2030 without this contract will be supplied without any incremental capex.<\/p>\n

These developments mark a strategic shift towards a deeper integration, enhance earnings visibility and improved capital efficiency. Notably during the year RP Industries was also honored with the 2026 Gallup Exceptional Workplace Award by Gallup, becoming one of the first manufacturing companies in India to receive this recognition. This distinction further reinforced AI’s position as a global manufacturing organization combining operational scale with high performance and a people centric culture.<\/p>\n

Let me now take you through the financial performance for the quarter and the full year. For the Q4FY26 the company reported revenue of Rupees 2,422 crore representing a growth of 9% YoY driven by stable domestic demand and increase in export volume. EBITDA stood at rupees 342 crore growing 29% yoy and profit after tax was rupees 137 crore registering the growth of 43% yoy. The freight cost has significantly increased in the current quarter driven by increasing export shipments and also due to increase in the fuel rates accounting for the bulk of the increase in the other expenses.<\/p>\n

Interest costs also include an amount of rupees 39 crore being the revaluation loss in respect of our long term foreign currency loan for the year. For the full year FY26 revenue stood at rupees 9018 crore up 12% on a YY basis. EBITDA grew by over 15% to close at rupees 11. 72 crore while PAT recorded a growth of about 27% to close the year at rupees 419 crore. In line with the guidance given, the CAPEX for the year was at about 80 crores. Overall the performance reflects steady execution supported by volume growth improving capacity utilization and benefits coming from operational efficiency.<\/p>\n

Despite continued margin pressure over a significant part of the portfolio. Let us talk about specific business updates. Starting with energy application which contributes roughly 40% of the revenue, we continue to maintain a very strong global presence holding a market leading position. The volumes for the quarter were down 4% quarter on quarter, primarily driven by lower exports to the Middle east which were impacted due to geopolitical disruption. The impact was lower as we were able to successfully reroute part of these volumes to other geographies and despite the disruptions the capacity utilization continued to remain high, preserving our wallet share with the global customer.<\/p>\n

The full impact of disruptions will be felt in the ongoing quarter. Our expansion to 360k TPA is on track and is expected to be commissioned soon in line with the market requirements. Ongoing volatility in the refining product margin does create uncertainty in terms of gasoline after cracks on the supply chain. Risk related to the key RM’s is adding some near term risk to this business but against this backdrop we maintain a very dynamic approach balancing volume growth with spend management to optimize overall profitability to the best extent possible in non energy applications.<\/p>\n

Agrochemical applications as a basket demonstrated a steady volume growth. I’ll bet the margin pressure continued to prevail. The contract win supports the growth of select product and intermediates and is in line with our plans to ramp up capacities which are already created for this application. Dyes, pigments, paints were relatively stable for the quarter in the near term as the impact of West Asia war is felt in the global market there could be some impact on export but that we expect to be compensated by increasing volumes in the domestic markets.<\/p>\n

Polymer as applications continue to perform well and is currently in a strong growth phase especially demand and volume driven due to applications in the EV markets. Within the polymer application MPDA specifically continues to underperform due to heavy competition from China. Rest of the portfolio continues to do extremely well. Pharma application also continued to remain stable during the quarter. The last quarter announcement of China’s anti involution stance and impact to products related to PNCB in the NCB chain should start seeing benefits from the Q1 FY27 onwards but on an overall basis even the non energy and sort of the base business has performed better driven by volume growth and supporting cost efficiencies as we continue to make rapid progress on our operational and strategic initiatives on Zone 4 projects still expected to be commissioned in the phase manner during the current financial year.<\/p>\n

Multipurpose plant and PEDA plants are actually under commissioning trials and should come on stream soon, while others will commission gradually in the next couple of quarters. These projects were delayed by three to four months on account of labor constraints primarily driven by commercial LPG related issues and migration of labor due to election. As well, the company has taken multiple steps to support contract labor and to sustain them and to minimize the delay in the capex evaluation. From a capital allocation perspective as guided earlier, the capex for FY26 is at about 1125 crores.<\/p>\n

You would have witnessed the decline in the capex spends in FY26 versus the spends in the past two to three years, which is in line with our plans to optimize the capital allocation. Our capex for FY27 is expected to be in the range of 700 to 800 crores. As we continue our journey to optimize CAPEX and maximize the returns going forward, we expect to invest in high growth initiatives with investment largely focused on niche high return projects. Our previously announced partnerships are also advancing well.<\/p>\n

Ajim, the superformed joint venture is on track for commissioning in H1FY27 with an initial focus on agrochemical spends and coatings and markets. Our circularity initiatives also continues to gain momentum with commissioning on track for the CY27. All these initiatives not only underscore our R and D progress but also helps us secure a first mover advantage as we tap into emerging opportunities in sustainable chemistry. Working capital requirements expanded during the quarter driven primarily by significant elevation in raw material prices causing an uptick in net debt as well as interest expenses.<\/p>\n

While we are working with our customers and suppliers to optimize the working capital cycle. The normalization of this might take some time however, given the capex intensity is lower, we still anticipate the net debt to decline in the current year. FY26 27 begins with sort of cautious optimism supported by improved capacity utilization, strong order visibility through long term contracts and continue to progress in the key growth and integration initiatives. The specific situation in West Asia continues to pose near term risk to the availability of certain critical feedstock and placement of key products in the Middle east.<\/p>\n

While near term risk persists, the company is actively working with suppliers and customers to explore alternate sourcing and placement avenues to ensure continuity of operations. The company has delivered strong growth in quarterly EBITDA run rate and is on track to implement profitability improvement initiatives including the higher operating leverage related initiatives, cost optimization initiative and incremental contributions from recently commissioned and upcoming assets. With a strong foundation of strategic investments improving capacity utilization and long term partnerships.<\/p>\n

RP Industries is well positioned to navigate near term volatility while building a robust foundation for sustainable growth. With that, I would now request the moderator to open the floor for the Q and A session. 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. Anyone who wishes to ask a question may press STAR and one on their touchdown telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take our first question from the line of Arshit Joshi from NUVAMA Institutional Equities. Please go ahead.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Good afternoon and thanks for the opportunity and congrats on a great set of numbers this quarter. First question on the quarterly results. I just wanted to understand we have had a healthy gross margin expansion. Would there be an element of an inventory gain that you might have booked especially during the month of March? So that was my first one.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

So there is, I think on an overall quarter basis there is an FX gain of roughly around 10 crore on inventory. I think it’s a bit of a mixed bag because though the pricing went up in the March, many of our raw material pricing also went up simultaneously and we did have some amount of contracts concluded from a pricing point of in Feb, which we continue to serve in March. So not a significant impact of inventory gain in the last quarter, but from an FX standpoint there was a gain of roughly 10 crores in the last quarter.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Understood COT. Second question on the exposure that we have in our energy portfolio, specifically in the Middle east and also at the company level if you can throw some number on that.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

So on an early average basis roughly 9 to 10% of our revenue came from Middle east which is dominantly in energy application. So that’s the extent of exposure that we have currently the region. We are working actively to figure out a way to divert that product portfolio to the rest of the world. We also hope the situation in the Middle east should get settled at some point in time. And at that point in time we actually might increase in demand in that particular region. Given practically the material flow to the region has stopped now for almost six to eight weeks kind of time frame.<\/p>\n

But nonetheless that’s the extent of exposure.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Sure. One last final one before I run back the queue again. So you did mention about the MPP and the PEDA plans to come online as at the earliest. What would be the balance capex that we plan to commission in this year. So if you could just elaborate on the kind of timelines of in terms of commissioning of these capexes and when can we expect revenue accruals or sales to happen from these plants? If you can split this in a elaborate timely manner if possible, that would be helpful. That would be all from my side, thank you.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Yeah. So I think the entire zone 4 which is a combination of multi purpose plant, calcium chloride plant and there are five chemistry blocks, different chemistry blocks. I think the entire capex will get commissioned during FY27. I think the first two which you’ll get off the block is the calcium chloride and the multipurpose plant. The PEDA capacity, we consider it as extension of the multipurpose plant. So I think all of the calcium chloride is actually already sort of the commercial runs have happened, the plant is under operation, it will ramp up the full capacity over the course of next three to four weeks.<\/p>\n

I think the multipurpose plant and associated extension of PEDA is also under commissioning trials as we speak. So within this quarter we should be able to declare it sort of commissioned and commercialized. I think the remaining five different blocks will get commissioned throughout the current financial year. I think compared to our original expectation there is a three to four months of delay in that commissioning cost mostly due to contract labor issues. But nonetheless even with that we anticipate all of this get to commission within the current financial year and accordingly the revenue aggregation will start over a staggered manner.<\/p>\n

We don’t anticipate all of it will go to a full capacity utilization in a very short time frame. As I mentioned earlier, it does take a little bit of a time bandwidth to go through a qualification cycle and improve capacity utilization over a period. But the initial revenue from these assets should start as early as from Q2 of this financial year.<\/p>\n

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

Thank you. Next question is from the line of Arun Prasad from Aventus Park. Please go ahead.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Good morning, thanks for the opportunity. My first question is on look at our Arun.<\/p>\n

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

Sorry, can you use your handset mode please? Your audio is not very clear.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Hopefully this is better.<\/p>\n

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

Yes.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

So my first question is on the utilization. We are mostly at upwards of 80, 85 percentage and if I look at the Q4 volumes and annualize it, if it is, it’s close to 100 percentage. So is this the industry wide phenomenon? Is it just because we are at this kind of utilizations because we didn’t add any supply during the last cycle?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think it would be a bit unfair for me to comment whether this is an industry Wide phenomenon. I think at ail what I can comment on it is I think improving utilization levels of all of our existing assets has been a deliberate strategy and I think we have pushed volumes sometimes, you know, even at the expense of slight compromise on the margins. And that is reflected in the utilization levels that you see. I think there are some dilutants like PDA where we are structurally figuring out a long term solution.<\/p>\n

But I think apart from that in terms of the value chain we have been able to push up filterization levels. And as we see, we see further upside possible in selections like Disig where we are also working on capacity debottle making as we mentioned in the last quarter and even in ethylation chain where the new contract that we signed in the last quarter plus the downstream integration of PEDA will help us improve utilization levels in that particular chain. But I think from our global customer diversification and relationship standpoint, I think in a significant part of our portfolio we are reaching to utilization levels which are healthy.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay. Because this kind of utilization usually leads to a pricing recovery and the margin expansion because of the tight supply demand balance. So should we expect some kind of a pricing related upsides from our existing portfolio and existing volumes?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think the utilization levels that you see are at a sort of the bulk product level, right? This is MCB level, DCB level or at a level. I think if you look at our portfolio, our portfolio significantly also goes downstream of this bulk isomer level chemistries. And that’s where I think the story product by product will be very different. Of course there are some value chains where there is a pricing recovery at a bulk level. We talked about NCB last quarter as well and we have seen that kind of happening now as the Chinese anti innovation plays out where the margin profile has definitely improved including pricing.<\/p>\n

I think DCB continues to remain quite robust and is driven by both. I think tighter capacity utilization as well as demand growth coming from EV market versus some other chains. Even though we might be operating at a relatively high end level, if the global industry hasn’t moved to that utilization levels, then the margin uptick or the pricing correction will not happen.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay, okay. In your assessment that is a likely scenario. Maybe we are at higher levels. Industry is not this kind of a level.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think there are some products in which that situation does exist. And that’s why I would hesitate to say that across the portfolio we are seeing margin recovery or pricing corrections. I think there are definitely pockets of the portfolio where it is happening. And in general I think given the Global dynamic. I think if China continues to act what they are talking about then there should this recovery should become much more broad based going forward compared to current situation where it is sort of in select profits.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

My second question is on the nme. So typically on a elevated crude prices our understanding is that NMA scores over the probably the traditional ntbe. Are you seeing this playing out at least? And secondly, if you are not facing or if you’re not issuing a supply to the Middle east where we are facing MMA volumes currently and is it sustainable?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Yeah. So I think on the MMA economics frankly a lot of complicated answer without getting into technical details. I think we have described this a few times in the past. There are multiple factors which play out when it comes to affordability of MMA of final customers. I think one of that is also a NAFTA gasoline spray. I think in the current situation NAFTA being significantly stronger that sometimes does have impact on NAFTA gasoline spread available to our customers. But at the same time the absolute pricing level sort of remaining at a higher level also creates counterbalancing sort of factor for the for the spread affordability.<\/p>\n

It also has an impact in terms of our raw material cost goes up, right? Both aniline and methanol at a significantly limited level. So in that context our ability to offer certain pricing to customers that also gets impacted by ultimately raw material cost prices have to be passed on. So there are multiple factors playing over there. What I can say is that we are able to optimize volumes and spreads to ensure that liquidation happens wherever there is a physical possibility of supplying the cargo.<\/p>\n

So our shipments to us are relatively consistent and happening. Our shipments to Europe are starting and we hope to expand that going forward. I think the domestic market also remains relatively consistent from a volume standpoint. I think Middle east is a place where physically it is impossible to ship the material as of now as we speak. And that’s where there’s an impact. I think we partially offset that in the last quarter. But the full impact of that I think will be visible in the coming quarter.<\/p>\n

It depends on how soon the West Asia situation settles and we are able to restart our flows to Dubai and Oman market.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

So we should expect the contribution from energy in our revenue should slightly moderate.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Frankly difficult to answer the question right because we are in the sort of four weeks into the quarter if the situation stabilizes. There is also possibility that the volume requirement in Middle east can dramatically go up given the region has been running dry of the product for last six, eight weeks. But if the Situation in West Asia doesn’t settle down over the course of next two months then of course we would expect certain impact on the volumes for this molecule going into Middle east market.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

If I can squeeze in one more question. On Catex you said that 26 capex are reduced from 1125 crores to the summit or 800 odd crores because of the scope reduction or postponing of the cash flows to 27. And finally the breakup on the FY27 Catex<\/p>\n

Nishit Solanki<\/strong><\/p>\n

We did not FY26 CapEx was in line with what we had said. It was 1125 crores, it was not reduced. FY27 capex is what we are saying will be in the range of 750 to 8 crores.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay. Okay. Any breakup, approximate ballpark breakup of the project price<\/p>\n

Nishit Solanki<\/strong><\/p>\n

750 to 800 crores. Significant part of it will still go in completion of Zone 4 and part of it will also go to the new long term contract which we signed right where we announced total capex of 200 to 50 crore. I think part of that will be spent in the current year. So this too will kind of broadly account for significant amount of CapEx. And then we have a sort of yearly run rate of 150 or crore that goes into asset maintenance.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Oh okay, understood. And then finally on the NTP and the calcium chloride at current prices what is the steady state revenue from these two projects?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I would not like to comment. Again we don’t talk about revenue. I think we talk about margin profile. And given there are lot of products which are interlinked even within MPP and within the different zone four blocks I think the total potential coming from that location in an integrated manner is what we have talked about and I think we continue to maintain that range and we will hit that, we will hit that over the course of two years is the current plan. I think it would be. It would not be correct to talk about revenue margin potential based on today’s pricing because it is definitely a bit.<\/p>\n

I would not call it a sort of regular pricing margin level<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Is there.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

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

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

Thank you. Next question is from the line of Aditya Ketan from Smith Institutional Equities. Please go ahead.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Yeah, thank you sir for the opportunity. So my question is onto the DIE segment sir as you mentioned and we are expecting a steady state going ahead. But when we look at the numbers on YUI basis and on quarter on quarter basis both positive and it seems like the dye segment is now slowing down after peaking out the last few quarters Is there any change into the structure of the business of volumes in the global markets or Indian markets are slowing down? Any thoughts on that?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Overall if we look at our share of business in dyes, pigments and printing mix we classify these three end markets together it remains in the range of 10 to 11% and it will remain broadly around that. I think there are multiple trends within the segment at a product level which differ. For example 3, 3 DCBH is one of the core product in that segments where we are facing pressure on the demand from the global markets. But then that is partially getting compensated by increasing demand in the local market as the global consolidation in the pigment industry happened.<\/p>\n

So there are different trends at a product level. Overall I think our share of this application remains at around 1011 odd percentage. There is a part of the portfolio where because of extremely high raw material pricing and corresponding price being passed on through our products some of the low margin segments may not be able to afford and we might see a slight amount of demand destruction but. And that could be a potential impact in a three to six months kind of time frame. But so far I think the pressure in the global market has been compensated by the growth in the domestic market.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Two years and persistent. We are mentioning on the margin pressure. It seems like there is no answer any sort of you can any sort of positive things which you see going ahead for FY27 28 whether we could so higher uptick in the domestic could partially mitigate the RM price hike any sort of things that can change structurally into the business.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think the biggest driver to get back the margins in the agrochemical segment would be how sort of Chinese industry evolves on this particular application. I think they have been one of the most important driver of the margin compression in this segment over the last few years. And I think their conduct and behavior over the coming years, coming quarters and years is what ultimately determine the ultimate sort of margin potential in this segment. As I said the narrative that we are hearing or we are seeing I think if that persists and that becomes much more broad based we might see a recovery in the margin.<\/p>\n

But I think we wait to see a firmer trend to make a conclusive commentary on this.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Got it sir. Onto the debt side we have seen like debt to reach around 49 billion in this fiscal so highest over when we look at the RT’s history. Any particular reason? Because we also see on the asset side There is some 600 crore of cash also sitting today.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Yeah, so<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

What I see said because we don’t have Also material capex also 700, 800 crore or maybe thousand crore FY20 that we can easily do it from our cash flow.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

What is the need for so much debt taking down?<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

So let me answer that. So the, the cash which you see is more like a one off kind of a situation. It just happened at one of the terminal got disbursed towards the last of March and then couple of holidays so the money were not effectively utilized to reduce the debt. So on a net debt basis we are still at around 4300 crores. A good part of this, maybe around 250 to 300 crores is purely because of the working capital increase which has happened in the last part of the Q4 plus as you would have seen the export profile has gone up, export revenues have gone up.<\/p>\n

So in exports the receivable dealer optically a bit higher than the domestic receivable days which is where the working capital profile continues to remain a bit elevated. So a 4,900 crore debt obviously will not be there. We have to look at a net debt number of around 4300 crores as we speak. Bulk of that cash has already been used to liquidate the debt portfolio immediately in the first week of April. So that’s how it is. But yes, going forward as the capex intensity is going on, the CAPEX is coming down EBITDA and cash flows improving.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

The debt for this year will start tapering off.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

One last question. Can you provide the breakup of the CWIP of 2000 crore we have done in FY2 FY20<\/p>\n

Nishit Solanki<\/strong><\/p>\n

A bulk of that would be for zone 4. As you understand zone 4 had a capex of around 1800<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Odd crore. So bulk of that would be with zone 4. I don’t have that exact breakup right now. We will send it separately later later on. But yeah a bulk of that would be zone four. So zone four from an overall perspective a bulk of capex which has to happen has already happened by FY26.<\/p>\n

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

Thank you. We’ll take our next question from the line of Amar Morya from Lucky Investments. Please go ahead.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Thanks a lot for the opportunity Sir. Just want to understand like in terms of your pricing environment primarily let’s say if you see your agri portfolio are you seeing some improvement in the pricing and primarily a lot of supply which was China based. There were a couple of plants which had fire incidents. So do you see any improvement in your pricing of the product?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

So I think on absolute pricing of course there is a huge positive trajectory compared to where we were in Jan. I think what we have to look at is the spread and margin because even raw materials have also gone up significantly in some cases 60%, in some cases they have also more than doubled. So I think what we have to look at is spread and I guess not necessarily absolute pricing which definitely is significantly better compared to where it was at the start of Q4. I think some of the incidences that you mentioned which happened in China, yes, I think there is sort of increasing scrutiny especially on sort of nitrogen chemistry related assets.<\/p>\n

And we see more and more regulatory constraints rightfully being put so on these chemistries to avoid sort of operations which are kind of non safe. So move more towards continuous operation, put additional safeguards in place and that will mean that some of the smaller volume inefficient players will ultimately vacate the market at some point in time. And that should lead to sort of industry consolidation and sort of better conduct going forward. But it will happen over a period of time. If in select products we see impact of that in the near term.<\/p>\n

But I think as I said, a broad based recovery, we will I guess get to see a firmer trend over the course of next few quarters.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay. And typically when you talk about spread, let’s say ideally how much percentage of your portfolio in agro as well as in the energy space would have seen the improvement in the spread.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

So I think on agro side, frankly we are currently we are able to hold on to spread. And that itself is from a company’s point of view is a good outcome. Because passing on such a rapid increase in raw material cost to agrochemical, specialty chemical companies who have a much longer gestation period in terms of absorbing price rises, I think is a good outcome. I think over the course of next three to six months we will be able to fully pass on the price rise provided there is certain stability that comes on the raw material side, which itself is a bit of a question mark right now.<\/p>\n

Typically there is a huge amount of inventory in the agrochemical chain. We are at intermediate level, but there will be invented at intermediate level, inventory at a technical level, inventory at a formulation level and inventory at ultimately end consumer level. So all of that needs to get adjusted before the full pricing is passed on. And that’s what typically takes time versus you know, if you look at some of the energy applications or some of the polymer applications where you are directly closer to end customer there, the price pass through happens relatively quickly.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay, and typically, sir, one last from typically, how much percentage of the supply would have Gone out of the system, let’s say because of this fire incident in China and this small facilities which are now likely to be closed or on the verge of like you know, closure because of the scrutiny increasing and all those things.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Difficult to comment, we don’t have answers. But also the specific incidences that you are mentioning are not into our product portfolio. So it doesn’t impact AI directly as such.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Fine<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Sir, thanks a lot. Thank you sir.<\/p>\n

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

Thank you. Next question is from the line of Nitesh Dut from Anandraathi Institutional Equity. Please go ahead.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Hi, good afternoon team. Thank you for the opportunity. My first question is basically it looks like there is some. There is a higher inventory created that’s also visible from the disconnect between the increase in the production figures across the products and the sequential revenue decline. If you see and that’s despite the increased prices. So what explains this disconnect? I see a stock adjustment line of 409 crores. That’s increase in inventory. Could you give some color on this?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Yeah. So if you’re looking at that there’s certain materials being moved out from India were exported out<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

And on seas reaching to our customers and that is where they have been in transit inventory which you’re looking at.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

So that material given is not delivered to a customer. I think the revenue for that part of the portfolio is not recognized.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay, so is that what extends the increase in the working capital on the inventory side between Q2 and Q4?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Yes.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay. And so see.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

And some element of the raw material price impact which came in the later part of the month, the last month.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Right. And so sequentially there’s a 22% increase on the other expansive side on a 5% revenue decline. So that’s also partially related to the production levels versus the sale volumes.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

That is primarily driven actually by freight. So I think we saw stuff especially mid Feb onwards we saw huge escalations in the freight rates. So I think the jump that you see in other expenses, significant part of it is actually coming from freight. It’s a combination of freight rates as well as the additional export volumes. I think on an overall basis almost 57% of total revenue came from exports. And that’s what is also reflected in the incremental freight in the other.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Right, right. And so the of the targeted EBITDA. So we expect about 350 to 400 crores coming in from, from the capex. Right. And with this, you know, the delay in the Zone 4 Capex by a few months, any slippages, you know on the guided EBITDA numbers or probably you could stay closer to the lower end of the EBITDA range X of pricing gains obviously. I mean what’s your thoughts?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

No, I think look our target as a management team still remains on how to do catch up even with that three to four months of delay. At the same time we are transparent in communicating in terms of how are we progressing against our initiatives. Right. I think we laid down a very clear path in terms of what actions we are taking to achieve the targeted growth and cost and operating efficiencies. Operating level which is sort of relatively in our control is going as per track. Most of the initiatives on the cost side are implemented.<\/p>\n

They will start accruing fully in the current year operating leverage. All initiatives are on track. There is no delay in any of these. Of course near term volatility will create quarter on quarter different picture but from a strategy implementation point of view there is no lag effect there. I think on the CAPEX side yes we are behind compared to our original plan and that three to four months of delay will have an impact in terms of how much we were budgeting over the course of next two years.<\/p>\n

But we are figuring out strategies to mitigate that impact<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

And this is purely on account of labor shortages or any other reasons. Also partially responsible because three to four months delays on account of labor at least in last quarter this wasn’t spoken about so not sure maybe if you can explain<\/p>\n

Nishit Solanki<\/strong><\/p>\n

This is the phenomena of this quarter there’s a 35% reduction in the contract level in the region where we are exiting capex and right now the project is in the kind of last mile connectivity like there is a lot of pipeline work needs to happen which is usually significantly labor intensive and that’s where I think the impact that’s significant us right now to the combination of impact of LPG and I guess to some extent also the election created migration. We are working quite proactively to address that issue.<\/p>\n

But today yes we do have a significant shortage of contract labor in our political institution.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Understood. And just one last so this 39 crores of revaluation loss on FX I mean it looks slightly on the higher side for a, for a particular quarter. We can probably give some color on the total exposures and the hedging policies there. So we have roughly around $87 million of an FX loan which is unhedged and is open rupee depreciated by close to 5 rupees from a level I guess 31st December was at 89.8 or something. And 31st March was at 94.8. So there was a 5 rupee depreciation on Indian rupee on a $87 million of exposure.<\/p>\n

Unfortunately the accounting treatment requires us to take the impact of this on the day of the balance sheet. Whereas if we look at the overall dollar perspective, say this is relatively an exposure which will be repaid over a period of next eight years. So from a dollar balance sheet point of view I’ve got a larger export portfolio<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Which will absorb this as a natural hedge. But from an accounting point of view that gains are accounted only once it is materialized whereas this loss is accounted now.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

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

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

Thank you. Next question is from the line of Darshita from TSP asset managers. Please go ahead.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Hi, thank you for taking my question. Firstly, the 1800-2000 crore of CapEx that we<\/p>\n

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

Are doing on Zone 4, can you give a split for the calcium carbide, calcium chloride and npp? I mean how much would it be? Would it be anywhere somewhere between 450, 500 odd crores or how should we think about it?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Typically we will not share asset block by asset block. CapEx. I think at the overall zone level the number is what Chetan described earlier.<\/p>\n

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

Okay. Secondly, on the 1800 crore of EBITDA Runway, 150, 200 crores was from the cost initiatives. Any changes you think from the MPP plus zone 4 plus upl JV that we may see? I mean any change in the incremental EBITDA from these three segments?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think we are at this point in time we are not changing the EBITDA potential from all of these initiatives. I think the only thing we are highlighting is on the CAPEX led growth I think we see a slight delay in the project execution and that might have a impact on realization of that EBITDA potential in the given time frame. But apart from that there is no change on any of the EBITDA potential that we have already highlighted.<\/p>\n

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

Right. So 300 to 450 crore is something that can flow through but Maybe not in FY28 but could get delayed by 6, 7 odd months or something like that.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Yeah.<\/p>\n

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

Okay. On the working capital deal I understand the freight related issues and the war related issues but I believe that our exports will continue to grow as it is. So how should we think about the receivable and inventory deals from here on?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think it will remain pretty dynamic. I think one is export but I think the export to which region also matters quite a bit because different regions have different voyage times and that ultimately decides your working capital exposure. For example, in last quarter significant part of export was done to us which typically on an average has two to three months of wash time. So your working capital requirements are much larger versus Middle east where wash times are as low as 7 to 10 days. Your working capital exposure is significantly lower.<\/p>\n

So frankly difficult to comment at this stage. I think it does remain quite dynamic depending on which region you are sort of pushing your product to and transit times, customer terms, the situation in the market, all of that determines ultimately what kind of position we end up landing into. What’s more important at this point in time is of course to ensure very dynamic allocation of the product to the regions. Because. Because global geopolitical situation remains quite volatile. So I think that remains a priority and our subsequent impact of that in working capital is managed through incremental debt.<\/p>\n

We don’t like it, it does cost us in terms of our balance sheet as well as the interest cost. But there’s a necessity given the global situation at this stage.<\/p>\n

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

I meant keeping the current situation aside, should we think about it as total your net working capital days of anywhere between 60 to 70 odd days. We’ve also seen a 50 odd day kind of a cycle. So that is where I was coming from. And more so from a perspective of when Zone 4 is commercialized, then how would that incrementally affect our working capital days? Ideally, the target we would<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Like to remain within 55 to 60 days kind of average levels. But as I mentioned, it does vary depending on the market position. But from an objective standpoint, I think we like to target 55 to 60 date kind of levels. And<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

I guess zone four will not materially change the number. It’s continue to be in the same trajectory.<\/p>\n

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

Okay, got it. And just lastly on the tax rate, it’s been a little volatile this year. I think you’d mentioned 15% kind of tax rate rate for 27, 28, 30, 27. Should that, should we assume it to be 15 or is there any change there?<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

We should be in the range of maybe around 10 to 15% this year. There are a lot of earlier tax litigations which have came in our favor. And that is why you’ve seen a lot of prior adjustments and the default tax adjustment and everything. Hopefully with that getting over, we will not see much of volatility. But given the fact that we have zone four which is getting commercialized and there’s an IT depreciation which is a significant part of deduction, available, the tax rate will be in the range of around maybe 9 to 14, 15% kind of stuff.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Got it. Okay, great. That’s all. Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen. In order to ensure that management is able to answer queries from all participants, kindly restrict your questions to two at a time. You may turn back the queue for follow up questions. We’ll take our next question from the line of Sanjesh Jain from ICICI Securities. Please go ahead.<\/p>\n

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

Yeah, good afternoon, thanks for the opportunity. First, on the follow up on mma you did explain some of the dynamic, but just to get picture clear, my understanding is there is two big applications for mma. One is in the gasoline naphtha blended application where they boost octane. The other one is the refinery which are not able to meet the guidance guidelines on the octane boosting aro, they add MMA to meet deregulation. Now given gasoline and naphtha spread in between, in fact went to negative and even today it remains in a weaker zone.<\/p>\n

And considering the volatility doesn’t seem that this dynamic is going to change pretty much in next one or two quarter, how should we think and if you can help us with the two breakup, one is more sustainable, the other one could remain volatile. So that’s number one and probably an associate question is that considering that crude has gone up, one can anticipate ethanol blending to rise very sharply, which in itself acts as a top 10 boost. And then there is a gas shortage which can lead to some of these dynamics playing against us.<\/p>\n

I know we have a balance in terms of higher crude type, but I think there are a lot more headwinds. So can you help us explain this entire MMA situation or is it going to think about it for next two to three quarters?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

So as you yourself explained, it is complex, right? Because there are multiple trends will play out simultaneously. And trying to aggregate all of these trends which have different directional impacts to come up with a concrete point of view on where we will land up at the end of three, six months frankly is not an easy exercise because individual I think you only talked about factors, but also these factors vary region by region. What gathering NAFTA said we see today in the Middle east versus what we are seeing in Europe versus what we are seeing in the US is also very different number.<\/p>\n

It’s not necessary that all three regions will see exactly the same number on a given day. So with all of these factors playing out, I think the only objective effort that we can do is to ensure that we are working very closely with our customers to Understand their affordability and in that context optimize the volumes and spreads to ensure our manufacturing asset sort of runs at a healthy utilization level. And also it gives us guidance in terms of what is our affordability to buy our raw materials.<\/p>\n

And that’s what we are focused on right now. I think the gasoline NASCAR cracks have been very volatile. And yes, there are days in which it has gone negative. There are days in which it has also gone up $20 per barrel. Right. Given the sort of extremely volatile Middle east situation that we have seen over the last six weeks, I don’t think there is any conclusive trend at this point in time which we can draw. And I don’t think we will reach a stability until the situation in the Middle east is kind of directionally at least settled.<\/p>\n

Till that point in time, the only thing that we do is to ensure that we remain very, very closely connected with our customers to understand their affordability and try and do sort of our raw material sourcing and the production planning linked to their affordability and their requirement. And that’s what we’re focusing on right now.<\/p>\n

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

But can you just split between or probably give the breakup on how much it is where the pricing is not linked to the crack and it is just the production or the refinery inability to produce the gasoline. And irrespective of pricing, they will need to add MMA to the Casal.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think that’s. I would frankly say it’s a relatively small market. I think irrespective of pricing, the need to add mma, I think that market will always remain bit limited because MMA is not the only Optane booster available in the market. Right. I think there are multiple other products, albeit they operate at a significantly lower performance range. But there are of course ultimate options available in the market. So at some point in time the pricing economics has to come into the picture when it comes to customer decision making.<\/p>\n

But we can have a detailed chat later at this point in time, as I said, I think the objective remains at least the region where the trade flow is operating right now there. How do we maximize our share? And we hope that the region where currently the flows are closed, which is the Middle east, will hopefully open up as the thing stabilizes.<\/p>\n

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

That’s pretty clear. My second question is on the contracts, not the two we have announced now. I’m talking about the historical five contract. One was mma. Can you help us in the business cycle? Where are we in those four contract utilization level? Some have we reached the peak contract level? Where are we in those four contracts? I know One one got terminated. So we were trying to do something out of it. But yeah, and utilization level will help.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

No, so I think, I mean without getting into specifics, I think but broadly out of three contract one was for sort of advanced polymer intermediate that continues to operate as per the contractual terms. There is no volatility there, relatively secure and predictable earning coming from that particular contract. The one link to mma I think there were certain aspirations in terms of target volumes that we wanted to achieve. I think at least if you look at the last calendar year, I think that contract updated in that range.<\/p>\n

So we were able to achieve the target volumes. It doesn’t mean that the monthly and the quarterly volumes necessarily are met, but at a yearly level. If you see, I think that contract did meet kind of the targeted volumes. Our nitric acid contract, which was another long term contract which we did for the purchase of the raw material, also continues to operate as per the contractual terms. There is no deviation from that. And there was another contract for agrochemical intermediate where the volume conditions are being made.<\/p>\n

But yes, from a margin point of view there has been a pressure compared to what was originally anticipated during the contract. But that’s the current status of the four large contracts.<\/p>\n

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

That’s great. One last on the balance sheet side, we ended this year with 4 odd times net debt to EBITDA. And next year there is an advent of higher raw material translating into higher working capital requirement. And we have a target of reaching the 2.5x net debt to EBITDA. Can you help us? The part to be net debt to EBITDA 2.5x in next 2 years?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think we ch can add, but I think we closed the year at roughly 1172 and our net debt was 4300<\/p>\n

Chetan B. Gandhi<\/strong><\/p>\n

Roughly 3.6 times. So<\/p>\n

Nishit Solanki<\/strong><\/p>\n

We are roughly at a 3.6 level. Just to get that perspective right, Going forward, of course the anticipation is that the EBITDA will increase and the net debt will go down. I think this is the year potentially where hopefully the cash flow flow should be more than the CapEx that we are planning to do, which should. And from a working capital point of view, yes, there is a pressure, but I mean whether it goes the current, you know, currently we are operating at a crude level of $110 a barrel, right?<\/p>\n

If it goes to a scenario where it goes to $140,150 a barrel, then of course we are looking at a scenario where the raw material and working out the requirement will go even further up and that will put a Strain on the balance sheet, the likelihood of that scenario, we don’t know. In general, the anticipation is that the pricing scenario should stabilize at the current level or should get corrected when the situation normalizes and that should ideally lead to reduction in the working capital requirement going forward.<\/p>\n

And as I talked about capex and with the CAPEX intensity going down and the operating cash flow going up, overall at least the internal target is to reduce the net debt levels from the current levels in the current financial year despite the current pricing scenario and the CAPEX intensity that is planned for the current year.<\/p>\n

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

Super, thanks. Thanks for all those elaborate answers and<\/p>\n

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

Thank you. We’ll take our next question from the line of Dhruv from hdc. Please go ahead.<\/p>\n

Chetan B. Gandhi<\/strong><\/p>\n

Yeah, thank you so much. So the nitration related incidents in China probably are linked to some specific product, one key product. But I just trying to understand based on some of the commentary that seems the read through is, I mean implication could be for broader nitration related chemistry, similar nitration related chemistries. I’m just trying to understand how are you reading this development Also R is R, I mean R nitration product related chains very different than probably what these Chinese are doing.<\/p>\n

And the implication would be for, I mean the impacted products would be for them.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Yes, our product portfolio is significantly different compared to, you know, some of the products in which these accidents have happened in China. So there is no direct linkage first of all. Second, in general I think it is good that the regulatory standards, the standards on safety will go up and that will help. In general, overall chemical industry does good for the society. The corollary of that is with increased governance, with increased standards, it is possible that some of the smaller scale inefficient operators will be forced out of the market.<\/p>\n

But that is expected to happen over a period of time and not sort of in a major manner. That’s what will help the overall sort of margin profile of these nitration chemistries. But as I said, there are multiple products which get manufactured using this chemistry and one to one linkage is always difficult. But broadly speaking as an industry I think we are on the right track when we say that we want to improve the standards of safety and the standards of governance on some of these chemistries.<\/p>\n

Chetan B. Gandhi<\/strong><\/p>\n

Sure. Based on the reading, what I understand probably if you can help me, was that the problem was or the issue was primarily related to the nitration related whatever they were doing in that particular molecule. So the nitrations that we do is it very different? I’m just Trying to understand say for example a chemical plant in China is doing nitration on separate, on a different molecule than the incident related molecule. Will they also see a tightness or will they. This will not have any implication on them.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

In general the standards go up, they get applied as a rule across the product portfolio doesn’t remain restricted to a particular product. It is applied to the chemistry and a reaction level and not necessarily for a particular product. So yes, everyone will go through increased scrutiny. I think especially from an AI standpoint. Bulk of our operations now we have moved to continuous nitration which is inherently much safer than the batch nitration. And I think we have significantly enhanced our safety practices and safety measures when we are operating such chemistries over the course of last now couple of decades, which is sort of visible also in our performance on the safety dimensions and our recognition by the global bodies when it comes to safety and sustainability parameters.<\/p>\n

So we feel very confident and comfortable and we also feel that the actions currently getting taken in China are, are in the interest of the industry. From a long term point of view.<\/p>\n

Chetan B. Gandhi<\/strong><\/p>\n

Sure helps. Secondly is on the Bayer the contract, the long term contract, although we have seen some positive developments related to that final technical molecule in us. So any changes for us in terms of how we see. And also the duties in US probably are now lower. So any changes that we see on this, I mean utilization of the asset. Now<\/p>\n

Nishit Solanki<\/strong><\/p>\n

As I mentioned in the last call, I think sort of 50% of that asset is used to manufacture one particular intermediate that goes into Dakinbara and there we are seeing steady volumes right now. So it will definitely lead to a better utilization of that asset in the coming financial year.<\/p>\n

Chetan B. Gandhi<\/strong><\/p>\n

Sure. And lastly if you can speak about RM availability, primarily methanol and I think sulphur related. What’s your. I mean how’s the availability for you? I understand price will be high, but in terms of physical availability, are you seeing challenges?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

No. In terms of physical availability we are well covered so far. As far as both of these commodities that you mentioned, it does come at an increasingly higher cost to ensure that sort of all of our plants are fed 100% of the requirement. But from a physical availability point of view we are well covered on both of these commodities.<\/p>\n

Chetan B. Gandhi<\/strong><\/p>\n

And when you say covered it is for. I mean duration or duration.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

It depends on the commodity something and all. We will typically have a coverage of a couple of months, something like sulfur given it’s a domestic supply. We will have a contract in place and we’ll have a coverage of few weeks so commodity by commodity the coverage rate will change.<\/p>\n

Chetan B. Gandhi<\/strong><\/p>\n

Sure. Thank you so much and all the best. Thanks.<\/p>\n

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

Thank you. Ladies and gentlemen, we request you to press questions at slide. We’ll take our next question from the line of Rohit Capital. Please go ahead.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Thanks for the opportunity. Just one question on the demand side. So you mentioned in one of the remarks that the demand contraction in exports market probably for the discretionary portfolio can be taken care by the domestic market. So what gives us confidence that there may not be a material distortion even in the domestic market given that the pricing for the same non discretionary portfolio, sorry, portfolio will go up in domestic market. Thank you.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

That comment was specifically for dyes and pigments in the context of a particular product where there is a pressure in the global demand but that is getting offset by the increase in the domestic demand. I think in general your point is right. Globally, because of West Asia war. If the global interest rate cycle reverses and there’s a global inflationary scenario which leads to potential downward trend in the global gdp then of course it will have impact on the discretionary spend not only in the global markets but also in the Indian markets.<\/p>\n

But that’s a scenario which we continue to monitor and sort of mitigate at this point in time. Difficult to comment, but it is a potential risk in case we start seeing impacts to the global GDP level including India.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Right. Just one number related question. What would be the gross block by the end of FY27<\/p>\n

Nishit Solanki<\/strong><\/p>\n

When<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

The entire zone 4 will<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Be commissioned?<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

End of FY27 we should be in the range of around 9 and a half thousand crores and stuff. 9,000 to 10,000 crores. We don’t have a great number but around that range.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Sure, that’s helpful. Thanks a lot and all the best.<\/p>\n

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

Thank you. Next question is from the line number two. Sir, from Phillip Capital. Please go ahead.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Yeah, thanks for this opportunity. So just a few clarifications of what you have commented already when you said that raw material security. Is it fair to believe that for the June quarter at least there is a 100% kind of raw material supply security that is being insured? Is that right? Understanding or<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Given the way the situation changes here on an every week basis, I think affirming anything for next two months feels like. Anyway, let me not go there. Broadly I think we are well covered based on our current planning today. Of course we can’t predict, you know, hypothetical scenarios two weeks down the line, three weeks down the line. As of now, based on our current contracts in place, we feel we are welcome.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay. Second clarification about the freight sir. This is generally the spike in the other expenses quarter on quarter basis. What we see as you mentioned that that is large portion of that is due to freight. But looking at freight sales kind of 7, 8% of the total. So even if that getting double so the number looks slightly higher. So and the second related aspect what I want to understand whether this elevated freight is still June quarter end or it is or it can be very short term phenomena. Also<\/p>\n

Nishit Solanki<\/strong><\/p>\n

There are three elements to freight Surya. There is rate which is a unit rate. The second is the volume and third is a destination. Right. And all three were adverse in the last quarter rate because of West Asia war related issues. I think the freight rate went up volume because we put substantially higher exports at 57% of exports. And the third is the destination mix because we pushed out lot of material to us which is the longest voyage time and a significantly higher freight compared to let’s say markets like Middle east where the absolute quantity of freight also goes down significantly compared to us.<\/p>\n

It’s a combination of these three things and that’s where you see significant demand.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay, this last one point sir, while you are kind of a bit cautious given the short term situation that is visible but you are also very confident about the potential for FY27 in terms of growth and all that looking at strong order book visibility or positioning. So. And also the new project contributions. So if you can elaborate a bit where from that you are seeing the strong order book visibility and if you also can give some sense about the upcoming project, whether it could be the JV with the super formed JV or the plastic recyclable.<\/p>\n

How meaningful those two projects which is coming this year in terms of number contribution for AI.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

So I think the midterm to long term confidence comes from the fact that what we have been able to deliver on volume growth in the last 18 months time frame which is shown that if we operate with agility in the market, we are able to get the market and we are able to push up utilization of our assets. And it also kind of reaffirms our cost competitiveness when it comes to getting the required share of wallet from our customers. So if we sort of disassociate ourselves from the near term headwinds of West Asia war, I think in mid to long term the ability to run the asset to their full potential and getting the required share of volume from the global market and that confidence level is there.<\/p>\n

And that’s what is reflected in sort of our mid to long term guidance. And as the cycle turns, as we have seen in some of the chains, if you’re operating at a higher volume base, then the recovery in margin supports you in an incremental way because the margin gain that you get is significantly higher volume compared to your old baseline. So that’s the broad this is for the mid to long term. From a JV point of view, we expect origin to commission within hopefully June, July kind of time frame, which is the JV with super form.<\/p>\n

And that should actually ramp up to a full utilization level within the current financial year. So that will start contributing meaningfully. I think the recycling JV is expected to commission within this calendar year. I think it may not contribute meaningfully in terms of numbers as of now. Given it’s a first of its kind plan, there will be a time frame to establish that technology as such. But nonetheless I think the proof of that technology will be established within the current financial.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Sure, sir. Yeah, yeah. Thank you for all that. Thank you. And the Congress.<\/p>\n

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

Next question is from the line of Kumar Soumya from Ambit Capital. Please go ahead.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Hi sir, good afternoon. So just couple of questions from my side on<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

The backward integration capex that you have announced for one contract. So I if I remember right, that was fixed margin contract. So how does this backward integration help in that contract?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

It’s a additional fixed margin that we will get for the remaining period of 15 years.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Okay. Okay. And in second contracture that you said this is the revenue potential over the next three years that is 27, 28, 29 and 30, right? Yeah, four years. Yeah, four years. Yeah. Okay. Okay. And, and secondly sir, on this origin JV that you said profile that you are planning margin expect in this business.<\/p>\n

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

Sorry, your voice is.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Yes sir. So in the origin jv, what should the margin that we should work with in considering how the ramp up will be and what the contribution that we should expect?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think I will honestly maybe it’s the right question to be asked to the JV management team as such. But, but in general our philosophy is that JVV should operate at a slightly better margin profile compared to where AI is operating at this stage. From a. Just to be sort of doubly clear though, we will start presenting EBITDA from that JV as and then the number starts becoming relevant. But from a consolidation point of view, given it’s a 5050 JV, it will not consolidate into AI. We will most likely report the numbers on a separate basis.<\/p>\n

But from an accounting standard point of view, that number might not consolidate into AI,<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

So it will come at a separate line item. Thank you. Thank you. That will be all from myself.<\/p>\n

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

Thank you. Next question is from the line of Nitin Agarwal from DAM Capital. Please go ahead.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Thanks. Taking a question on the few contracts that you announced this year and in the last call also you made alluded to the point that you’re looking to probably, I think we’re probably stepping up activities around partnerships and JVs. Those are conversations going up. So yeah, I just want to check with all of that is really going on in West Asia, has there been a loss of momentum in some of those conversations or they are going on as a. As they were even prior to the conflict.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I think there is no loss on momentum. I think it does continue, of course from a bandwidth point of view, management bandwidth point of view. Sometimes the crisis management takes decisions over some of these activities. But I think we have created good enough structures within the organizations to ensure that the momentum is not lost. So I would say that on overall level we don’t see momentum falling. In fact we see momentum increasing because people are increasingly looking at more robust supply chains, more secure supply chain for their global requirements going forward.<\/p>\n

And we expect many such conversations to proceed and conclude in the coming financial year as well.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

And what is the nature of qualitatively these kind of arrangements that we are exploring with people? What is the motivation for them to tie up with somebody like Aarti?<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Again, it’s a long conversation but I think in one line I think it’s our ability to deliver extremely reliable and safe, safe operations in complicated chemistries in the most competitive manner. That’s the value proposition that we offer. And I think the heartening thing to see in the last quarter was the repeat long term contract from the global major. I think it is one thing to get a long term contract, but if the same major comes back to you with a repeat long term contract, that also gives you a significant validation of the value proposition that you’re putting up in this partnership.<\/p>\n

And that was very heartening to see. The nature of the contract will keep varying. Some of these are fixed margin contracts, some of these are pure buy and sell, link to index prices kind of contracts. I think every partnership looks different from a commercial arrangement standpoint, but nonetheless it does build in the. It improves the quality of the portfolio going forward and brings certain amount of earnings visibility.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

And just to push that point, is it fair to assume that, you know, when you look through the next couple of years or more, such kind of incremental partnerships or JV that you will do, will contribute, begin to contribute much more meaningfully to our business as we go forward. And overall helping the earnings quality,<\/p>\n

Nishit Solanki<\/strong><\/p>\n

That’s the intention as well.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

And last thing you know, when you look at the disruption<\/p>\n

Nishit Solanki<\/strong><\/p>\n

With whatever is happening for now with the station war, I mean at what point does it become a challenge for us? I mean if there’s a<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Particular scenario, scenario by which it derails probably our trajectory and until what time? It doesn’t really, it’s only a temporary hiccup for us. I mean is there a way to.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

I don’t know, how do you. So for us it’s a challenge today, right? I think it’s not easy to handle, you know, more than 60% increase in raw material pricing in a two week time frame. It’s not easy when 10% of your revenue which is going to a market suddenly shuts. So I think it’s a challenge even today. And I think as I said, the only way you can manage it is sort of be proactive, be agile in terms of all the actions that you can take to minimize the impact of such disturbances. So I would say the situation is serious enough where it is a challenge today, but at the same time I think we’re putting in a lot of efforts and actions to mitigate the impact to the best extent possible.<\/p>\n

Suyog Kotecha<\/strong><\/p>\n

Thank you so much. Best of luck.<\/p>\n

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

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to management for closing comments. Over to you.<\/p>\n

Nishit Solanki<\/strong><\/p>\n

Thank you. Thank you all. We appreciate your ongoing support and participation in today’s call. I think despite the prevailing near term headwinds linked to the Acacia War, our disciplined approach allows us to manage to effectively. We remain committed to our growth trajectory and look forward to engaging with you again. Please feel free to connect with us for any follow up queries. Thank you once again. Have a good day.<\/p>\n

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

Thank you. On behalf of RP Industries limited that concludes this conference. Thank you for joining us and you may now disconnect your line.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Aarti Industries Ltd (NSE: AARTIIND) Q4 2026 Earnings Call dated May. 05, 2026 Corporate Participants: Suyog Kotecha \u2014 Chief Executive Officer and Executive Director Chetan B. Gandhi \u2014 Chief Financial Officer Analysts: Nishit Solanki \u2014 […]<\/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-182337","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":145468,"url":"https:\/\/alphastreet.com\/india\/earnings-aarti-industries-limited-nse-aartiind-q4fy23-results-out-total-income-fell-15-yoy\/","url_meta":{"origin":182337,"position":0},"title":"Earnings | Aarti Industries Limited (NSE: AARTIIND: Q4FY23 Results Out; Total Income fell 15% YoY.","author":"Divyansh_Kasana","date":"May 9, 2023","format":false,"excerpt":"Aarti Industries is a leading Indian chemical company that produces specialty chemicals and intermediates for a wide range of industries such as pharmaceuticals, agrochemicals, and personal care. 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