{"id":182853,"date":"2026-05-13T05:45:36","date_gmt":"2026-05-13T09:45:36","guid":{"rendered":"https:\/\/alphastreet.com\/india\/birlanu-ltd-birlanu-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-13T05:49:16","modified_gmt":"2026-05-13T09:49:16","slug":"birlanu-ltd-birlanu-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/birlanu-ltd-birlanu-q4-2026-earnings-call-transcript\/","title":{"rendered":"BirlaNu Ltd (BIRLANU) 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

BirlaNu Ltd (NSE: BIRLANU) Q4 2026 Earnings Call dated May. 13, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Meet Shah<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Akshat Seth<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Ajay Kaparia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Nitin Dharmawat<\/strong> \u2014 Analyst<\/em><\/p>\n

Moksh Ranka<\/strong> \u2014 Analyst<\/em><\/p>\n

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

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

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

Sanjay Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Anup Nambiat<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Good day and welcome to Birla New Limited’s earnings conference call. As a reminder, all participant lines will be in the 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 and then zero on your touchstone phone. I now hand the conference over to Mr. Meet SA from CDR India. Thank you. And over to you, Mr. Shah.<\/p>\n

Meet Shah<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Thank you, Sagar. Good afternoon ladies and gentlemen and welcome to Birla Unlimited’s Q4 and FY26 earnings conference call for investors and analysts. Today we have with us Mr. Akshat Seth, Managing Director and CEO of the company and Mr. K.A. Badia, Chief Financial Officer. You will first have Mr. Akshat Seth making his opening remarks and he will be followed by Mrs. Ajay Kaparia who will take you through to the financial perspectives. Before we begin, I’d like to point out that certain statements made in today’s call could be forward looking in nature and details in these regards are available in the earnings presentation which has been shared with you earlier.<\/p>\n

I’d like to invite Mr. Ched to present his views on the performance and strategic imperatives that lie ahead. Thank you. And over to you sir.<\/p>\n

Akshat Seth<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you and good afternoon everyone. It’s my pleasure to welcome you all on Birla news quarter four and FY26 earnings call. Before we get into numbers, it’s also important that we reflect back on the year gone by, which in many ways was a landmark year for us. It offered a significant inflection point in our strategic journey. This was the year we completed our transition from what was known as HIL to Birlano. And that brought together a full breadth of our offering across pipes, construction, chemicals, putty, roof, walls and floors under one identity.<\/p>\n

This transformation reflects our collective ambition to be a leading global provider of innovative and sustainable home and building solutions. Another significant highlight for the year was the acquisition of Clean Coats. This was a strategic step designed to strengthen our portfolio in specialty construction chemicals and high performance coatings. And it brought together Clean Coats, technical expertise, proven formulation and export capability. With our strong brand presence, market reach and institutional relationships.<\/p>\n

The acquisition is a step forward in our commitment to double our portfolio over the next few years. And also marked continued progress in reshaping our portfolio towards more value added and differentiated offerings for our shareholders. This transaction offers significant long term value creation through deeper participation in a fast growing high value segment of specialized construction chemical. Let me now move towards the performance for Q4 and I’ll talk about the larger picture and then get into the individual segments.<\/p>\n

FY26 financially reflected both resilience and agility of Milano. The business operated in a challenging environment marked by subdued demand conditions, pricing pressures, heightened competitive intensity and uncertain geopolitical situation. You would recall we started the year and quarter one was a difficult one. There were demand related challenges in the market, there were pricing related challenges in the market and we ended the year when the impact of the Middle east war and crisis was looming large.<\/p>\n

And that in many ways sums up the external environment for the despite these headwinds, we strengthened our market position through deeper market penetration, focused efforts on improving operational efficiency and disciplined cost management. I’m happy to say we enter FY27 with a strong momentum on both growth and profitability and the evidence of that comes from our performance in Q4 for the India business. So for the full year our Consolidated revenue was INR 3730 crores with volume growth across most segments.<\/p>\n

If we Zoom in to quarter four the revenue was 1010 crores which represents a growth of 9% over last year and an 18% growth quarter on quarter. So compared to quarter three on standalone basis which is much of the India business now, we clogged revenue of 2,427 crores during the year. The significant milestone or achievement was on EBITDA front where we have grown by 39% to reach an EBITDA of 146 crores. Much of this was driven by Q4 performance where the standalone revenue was 625 crores growing at about 8% and a margin expansion of nearly 400 basis point, 380 basis points to be precise.<\/p>\n

This performance was despite the ongoing Middle east conflict that created a challenging operating environment across our businesses and segments with volatility in energy and logistics cost impacting both input prices and overall market sentiment. Let me now briefly touch upon the segmental performance. One standout segment for us in India this year was the Wall segment which delivered solid performance consistently through the year. During Q4 the segment recorded a revenue growth of over 13% and for the full year a 14% growth.<\/p>\n

This was led by robust volume expansion, especially in the boards and panels segment. Despite continued pressure on realization, the business was able to mitigate impact on margins through disciplined cost management and operational efficiencies. Construction Chemical probably the youngest part of our portfolio is on a strong growth momentum. This segment including clean ports delivered growth of about 58% year on year in quarter four and 45% for the full year. With the addition of clean codes, we have further strengthened our product portfolio and enhanced our ability to offer a more comprehensive and value added range of solution such as high performance corrosion coatings, epoxy and PU flooring, waterproofing and products for repair and rehabilitation.<\/p>\n

This positions us and our business for scalable and profitable growth in the years ahead. In roof segment where we are established market leaders, we have reinforced our leadership position while maintaining a premium on pricing and profitability relative to the market and competition. During Q4 we delivered revenue growth of 8% year on year and 18% relative to quarter three. This performance represents a strong bounce back from eight months where both demand and pricing conditions were weak. The pipe segment witnessed a challenging operating environment throughout the year with demand conditions impacted by lower government spending and liquidity challenges.<\/p>\n

The sharp decline in resin prices which reached multi year lows led to significant pricing pressures. This was followed by the month of March where we witnessed a sharp increase nearly 60% in a short span of three to four weeks. In this challenging and volatile environment, the performance during Q4 stood out as revenues increased significantly. We grew nearly 30% over quarter three. More importantly, the EBITDA margins expanded sharply by about 1300 basis points year on year due to sustained cost actions, higher realization and also some impact of some positive impact of inventory revaluation.<\/p>\n

We are confident that in this segment there is now a strong momentum with us and going forward we will continue to drive on both growth and profitability. Parador navigated a tough year marked by weak demand in key European markets, softer pricing and input cost inflation, full year revenues while being steady to a marginal decline in Euro terms. Overall profitability suffered because of an unfavorable product mix, higher material cost and certain one off expenses. Looking forward to FY27 we see clear momentum in growth and margins driven by deeper European retail penetration, rising contributions from new markets like the US and targeted pricing moves, and the full benefits of the cost optimization that was done in FY26.<\/p>\n

Beyond numbers there are a few things to look forward to which will fundamentally improve both the growth trajectory and the profitability of of the portfolio we carry. The first one is a program that we ran with BCG focused on some of our key product segments which was a comprehensive value enhancement exercise. The idea was to identify and implement larger pools of P and L impact opportunities. We are already seeing and some of it is visible in Quarter 4 results. Incremental benefits flowing through with the full savings set to materialize from FY27 onwards.<\/p>\n

In addition we have undertaken several internal initiatives across our business to tightly control cost and streamline processes, bolstering competitive margins and resilience against external uncertainties. On the investment front, execution remains on track across our key strategic projects. The new Boards plant we are setting up in Nellore, Andhra Pradesh is advancing well and is on track as far as defined execution milestones are concerned. Similarly, the OPVC facility in Patna is now fully commissioned.<\/p>\n

Our innovation engine continues to remain a key differentiator for us, enabling us to consistently introduce value added and differentiated solutions across businesses. During FY26, we launched several new products across categories such as Designer boards, premium blocks to name a few. These received encouraging market response and further strengthened our premium portfolio. Building on this momentum, we have an exciting pipeline of innovative and differentiated offerings planned for FY27 which we believe will further strengthen our market positioning and support long term profitable growth.<\/p>\n

As we move into the new financial year, our focus remains firmly on strengthening market leadership, driving operational excellence and delivering sustainable profitability. While we remain mindful of the evolving macroeconomic and geopolitical environment, we believe the organization today is more resilient, more agile and future ready and it’s well positioned to create long term sustainable value for all stakeholders. With that, I conclude my opening remarks and I invite Ajay to take you through the financial and operational details.<\/p>\n

Ajay, over to you.<\/p>\n

Ajay Kaparia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Akshat and good afternoon to everyone for joining this call. I’m happy to take you through the key financial and operational highlights for quarter four and for the full year. FY26. FY26 was the year of transition and strategic progress Progress for Birdano. The operating environment remained challenging throughout the year with continued volatility across key markets, soft pricing in the most categories and demand conditions that stayed uneven for a large part of the year. Despite these headwinds, we delivered steady operational improvement across most of our businesses supported by disciplined execution, cost optimization initiatives and improving operating leverage.<\/p>\n

I believe our performance needs to be viewed in that broader context. Before I begin this segment wise discussion, I would like to highlight that during the year we have during the quarter we have received merger order for Crestria with Birdanu and accordingly our standalone financials are present are reported on merged financial numbers. Let me begin with the headline numbers On a standalone basis, revenue for quarter four grew by 8% year on year to rupees 625 crore supported by healthy volume growth across most of the segments.<\/p>\n

EBITDA margins improved by nearly 380 basis point during the quarter added by stronger operating leverage. The early benefits of our cost optimization initiatives and dividend issued from clean course of rupees 5 crore for the full year 26. Standalone financial revenue grew by 2% to rupees 24. 27 crore while EBITDA increased by 39% to rupees 146 crore. Supported by improved operational efficiencies. Dividend received From King codes rupees 22 crore and profit on sale of assets rupees 7 crore. Importantly, most business delivered healthy volume growth despite pricing headwinds during the year.<\/p>\n

The only exception was pipes were volatility in pvc. Raising pipes and muted government spending created a relatively difficult operating environment. At the consolidated level, revenue for quarter four grew by 9% year on year to Rupees 10, 10 crore. For the full year, consolidated revenue stood at Rupees 3730 crore reflecting a growth of 3% over last year. Let me now take you through the segment Wise performance Starting with rupes, the business reported revenue growth of 8% during the quarter four with revenue standing at rupees 275 crore for the full year.<\/p>\n

Revenue remained broadly stable at rupees 1,139 crore. Despite a relatively weaker first half, the business continued to maintain its market leadership position and pricing premium throughout the year. Despite sustained pricing pressure, margins remain largely stable reflecting the continued benefits of our cost optimization initiatives and operational discipline involves. Both the quarter and the full year performance were particularly encouraging. Revenue grew by 14% during the quarter to 161 crore whereas full year revenue stood at 610 crore reflecting a strong growth of 13%.<\/p>\n

This performance was primarily driven by Panels and Boards segment which delivered growth in the range of 20 to 25% during the year. The growth reflects stronger execution, healthy order pipeline and improved utilization level at Chennai New Line. Overall, the segment continues to demonstrate a strong and consistent growth trajectory which gives us confidence in its long term potential. Construction Chemicals was one of the fastest growing business in our portfolio during the year. Revenue grew by 58% during quarter four to rupees 37 crore while full year revenue increased by 45% to rupees 117 crore.<\/p>\n

I am pleased to highlight that we crossed our first milestone of rupees 100 crore revenue in this segment during the year. The acquisition of Clean Coats marks our entry into the coating segment, further strengthening our product portfolio while also enabling premiumization opportunities and healthier margins. The integration process is progressing well and the segment enters FY27 from a significantly stronger position than where it started the year in pipes revenue for quarter four grew by 4% to rupees 147 crore.<\/p>\n

However, at the full year level revenue stood at 495 crore reflecting a decline of 8% while volumes remained broadly flat. This decline was primarily due to multi year low PVC raising prices during the year. Importantly, margins improved sharply during Q4 by nearly 1300 basis points mainly due to steep price increase in the resin prices in the month of March due to Middle east tensions while full year margins improved by 280 basis point. We expect prices to stabilize over the coming months and anticipate a stronger recovery in FY27 supported by increased government spending and infrastructure led demand.<\/p>\n

Revenue declined by 9% year over year in terms of in Parador. Revenue declined by 9% year on year in euro terms during the quarter and 7% for the full year with the slowdown primarily concentrated in the second half amid intensified competition and geopolitical uncertainties across European markets. During the quarter the business reported an operating loss of rupees 35 crore which includes a one time seasons provision of rupees 19 crore. That said, several corrective initiatives have already been implemented to improve operational performance and we expect a gradual recovery through FY27.<\/p>\n

I would also like to draw your attention on provisions created for diminution in the equity investment in Birlanu International GmbH amounting to rupees 74 crore which has been reported under exceptional items in the standalone financial statements for the quarter. This is strongly reflecting our investment value in line with current performance of Parador. Additionally, during the year we monetized certain non core assets resulting in a gain of rupees 47 crore. Excluding these accounting adjustments, the underlying operational performance reflects improving profitability trends and stronger cost discipline across the portfolio.<\/p>\n

Turning to the balance sheet, maintaining financial discipline remained a key focus area throughout the year even as we continue to invest for growth. During the year our Debt stood at rupees 709 crore at the beginning of the year increased to 929 crore as on December primarily on account of investment in clean course acquisition as well as ongoing expansions in OPVC and new boats plant in Andhra Pradesh. I am pleased to note that through focus working capital management and tighter operational controls during the second half we were able to reduce borrowings and it stands at rupees 851crore at the end of the financial year.<\/p>\n

The direction of travel on debt reduction is encouraging and we remain committed to maintaining a prudent and disciplined capital structure in line with our internal plan. The foundation we built through FY26 is significantly stronger than where we started the year. We enter FY27 with improved operational momentum, a more integrated business structure and greater confidence in our strategic direction. We remain fully committed to translating this progress into stronger financial performance and long term value creation for all our stakeholders.<\/p>\n

With that, I conclude my remarks and hand the call back to moderator. Open the floor for questions. Thank you.<\/p>\n

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

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their Touchstone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembled again. To register for a question, please press star and 1. Your first question comes from the line of Nitim S.<\/p>\n

Dharmawat from Aurum Capital. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Nitin Dharmawat<\/strong><\/p>\n

Yeah, thank you for the opportunity. Hello.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Thank you. Your voice is not clear. Please.<\/p>\n

Nitin Dharmawat<\/strong><\/p>\n

Yeah, just give me a minute. Am I audible now?<\/p>\n

Moksh Ranka<\/strong><\/p>\n

Yes.<\/p>\n

Nitin Dharmawat<\/strong><\/p>\n

Okay. Okay. So my only question and few observation is we have, you know, now taken an impairment in the European subsidiary. So in a way it is. It is good that this is the first recognition of the problem in the subsidiary. We have already given long enough rope of almost eight years to this subsidiary. Has the time not come to take a call on the subsidiary? Last year we mentioned that this year will turn it around and make it profitable. Now some other issues have come up which affected the subsidiary materially, but not our Indian operations which did really well.<\/p>\n

So would it not be prudent to recognize the problem and take a final corrective measure in this part of the business? Our management team has extensive experience in business and consultancy and well qualified. So without being biased, what would you have suggested to someone else going through the same situation?<\/p>\n

Akshat Seth<\/strong><\/p>\n

Since we are talking in indirect terms, what we would have recommended to any any party as consultants or external advisors, we are following all of those in the case of Parador and many of them are at play. Some are visible, some are not visible for you, but we. It’s. I think the only element I will say is it’s going. It’s going through a difficult business cycle. We all recognize that there is no lack of acknowledgment on that. In a business cycle like this, whatever actions have to be taken are also at play.<\/p>\n

So I want to assure you that none of. There is no loss of objectivity in that regard.<\/p>\n

Nitin Dharmawat<\/strong><\/p>\n

I understand that and I appreciate the fact that we are on top of the Things but if the things are not working like, you know, eight years is not a small period. We have given long enough time for this. So maybe sometime we’ll have to take a final call to stop loss. We are continuously making losses. I’m sure that we are in hope wherein we’ll turn it around. I’m sure that someday will come but it should not be too late for us. Is my only, you know, comment on this.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Understand and appreciate the council there. The only addition I will make is in the seat that I sit. We act and react more than just on hope. We react on data and lead indicators and what the order books and pipelines are. So rest assured that every part of this is being looked at objectively and all the advice that we could give as an external advisor in this situation is at play here.<\/p>\n

Nitin Dharmawat<\/strong><\/p>\n

Okay, I appreciate this. I wish you best.<\/p>\n

Akshat Seth<\/strong><\/p>\n

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

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

Thank you. Your next question comes from the line of Vaibhav from Honesty and Integrity Investment. Please go ahead.<\/p>\n

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

Hi, can you hear me? Yeah. Yes. Yeah, hi. Thank you a lot for providing the opportunity. So I just wanted to understand the prospects on the roofing roofing part of the business both on the demand side and the cost side. So on the demand side, if you can help us understand where our product stand. Visa is visa with steel roofing because there are, you know, in. In galvanized process there is a usage of LPG and we hear the reports of some disturbance of steel roofing availability in the market. So great.<\/p>\n

If you can help us understand the impact of this phenomenon, demand and connected to this is the outlook on demand and secondly, on the cost side of the roofing business, how rupee depreciation is impacting the cost and how do you see the margins going forward in the roofing business?<\/p>\n

Meet Shah<\/strong><\/p>\n

If<\/p>\n

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

You can help us understand these phenomena, that would be helpful.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Yeah. So from a demand perspective, what we are witnessing, and I can say that on the evidence of the last two to three months is there is good momentum on the demand front, certainly better than what it was last year and last couple of years. Honestly, what are the factors driving it? We believe there is some underlying resilience in the rural economy which is helping. So the demand there seems to be helping at a macro level. You are right that at this moment the price differential between our roofing products and the substitute, which is steel roofing products, is on the higher side given the rally that has happened in steel prices and metal prices in general.<\/p>\n

And that gives us some pricing headroom and also some substitution opportunity. So that is also playing out. So I think those two factors are helping what looks like a promising demand scenario on the input cost etc and rupee dollar and rupee depreciation is a factor there. Yes, it’s playing out. It is impacting us because a big part of our raw material cost base is imported. And to that extent there is exposure. There is not just on rupee depreciation but also the impact of freight increases that will play out.<\/p>\n

And also given it is a mined product increase in cost of petroleum products and energy prices also have a bearing on the principal price of the raw material that we get in. So there is pressure on the input side from fiber perspective and also from cement, which is a big, big raw material for us. So there is some inflationary pressure on the input cost as well. We are confident that at least some part of this will be offset from price corrections in the market, hopefully. And it’s too early in the season to make a commitment around it, but hopefully it should mean some better times as far as margins are concerned.<\/p>\n

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

Right. But are you, I understand, I mean you’ve given a good, some good beef around it, but are you hearing from the market that is there a shortage of steel roofing or, or the steel industry somehow managing as of now and availability is not an issue on the steel roofing alternative products that competes with our product?<\/p>\n

Akshat Seth<\/strong><\/p>\n

I, I won’t be able to comment on the availability part of that but I certainly hear and there is enough evidence that on the pricing part there is certainly a lot of concerns.<\/p>\n

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

Yeah. Hello.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Yes. Did you, did you hear my response?<\/p>\n

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

Yes, sorry, I, I missed the last, last sentence of your.<\/p>\n

Akshat Seth<\/strong><\/p>\n

I said I won’t be able to comment on availability concerns but we certainly know that there are concerns around PR of steel roofing and steel products for that segment.<\/p>\n

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

Okay, got it. Understood. Yeah. That’s it for my sister. So thank you. Thank you.<\/p>\n

Akshat Seth<\/strong><\/p>\n

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

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

Thank you. Your next question comes from the line of Parikshit Gupta from Fair Value Capital. Please go ahead.<\/p>\n

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

Thank you very much for the opportunity. I hope I am audible.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Yes, Parikshit, please go ahead.<\/p>\n

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

All right, so my first few questions on the pipes and construction chemicals segment. Can you please help me with a breakup of the construction chemicals segment? You mentioned that There is a 58% growth year on year in Q4. Can you tell me how much contribution is there from clean coats and what is the growth number X of clean coats, please?<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

Yeah, so without clean course the growth is 25% for full year with clean<\/p>\n

Akshat Seth<\/strong><\/p>\n

Codes. It’s 40 with<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

Clean course it is 58%. Clean course number for the for the four and a half months is 20 crore.<\/p>\n

Akshat Seth<\/strong><\/p>\n

58% is for quarter four.<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

No, no. Full year.<\/p>\n

Nitin Dharmawat<\/strong><\/p>\n

58 percentage for<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

Quarter four<\/p>\n

Akshat Seth<\/strong><\/p>\n

And 45% is for full year. Correct? Yes. Okay,<\/p>\n

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

So. So if I understand<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

Clean course.<\/p>\n

Moksh Ranka<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

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

No, I. Please sir, you continue with the numbers. Let me ask my follow up questions after that.<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

Please go ahead. Your other question is what is the clean course number? It is 20 crore for four and a half months from the date it acquired.<\/p>\n

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

And X of this you’re saying the growth for just quarter four is 25% just for construction chemicals. Right<\/p>\n

Akshat Seth<\/strong><\/p>\n

Now we are saying overall including clean coats for the full year the growth is about 45%. And for quarter four the growth is 58%. Okay. This is including clean coats. If you knock off clean coats then at a full year basis that number is 25%.<\/p>\n

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

Understood. My second question on the pipe segment. Can you also help me understand the breakup of the revenue of the pipe segment? How much was it from the cpvc, I mean the high margin segments and how much of it was with the, you know, OPVC and relatively mass segment? Please.<\/p>\n

Akshat Seth<\/strong><\/p>\n

So OPVC is not a mass segment. OPVC is actually more premiumized. Yes, upvc. So roughly the split for us in our product portfolio we run at about 39 to 40% at CPVC levels. And the rest is UPVC, SWR pressure pipes and so on and so forth. So you can think of a 40, 60 split.<\/p>\n

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

Understood. Now in terms of the DGTR removing the anti dumping duty until the end of June, is there any. I am sure that the industry lobby is rooting for not extending this removal of anti dumping duty. But can you tell me some more detail of what how the discussions are happening so far?<\/p>\n

Akshat Seth<\/strong><\/p>\n

I would not be in a position to comment on that. I am not aware of any industry lobby talking about this. So this is this best of our knowledge was government’s proactive action. Given the volatility that was experienced in the market and the impact it was creating in the consuming pockets. As I made a remark in my opening comments, we witnessed a month of March where in three weeks the prices went up by about 60%. And then in the month of April they again climbed back by about 25 to 30%. That kind of volatility is is not good news for the industry overall.<\/p>\n

There might be short term profits but it creates a slightly longer term uncertainty which is where this step is welcome. And that’s as far as I can comment on it.<\/p>\n

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

Okay, but the removal was before this entire situation in the Middle East. That was in early March.<\/p>\n

Akshat Seth<\/strong><\/p>\n

No, the. Sorry, you are talking about the import duty, right?<\/p>\n

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

Correct? Yes, they were. So there was the import, if I<\/p>\n

Akshat Seth<\/strong><\/p>\n

Remember correctly, that that came in. In April, not in March. That was almost three, four weeks after all of this had happened is when it came. So sometime in April 1, 10 days of April, if I remember correctly.<\/p>\n

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

Okay, I will recheck my data here then. And can you please also help me understand the current demand environment? You mentioned in your opening remarks that it has been weak through FY26. We have observed that, but how does it look now? If you can shed some light on that, please.<\/p>\n

Akshat Seth<\/strong><\/p>\n

You would have seen across most companies, Q4 was better. It is how we experienced it. It was better both on volume and revenue and also on profitability. In fact, more so on profitability. We believe we have done better than most of our peers on the improvement side as far as profitability is concerned. As we enter the new financial year, given this whole volatile resin price environment, it’s a hard one to predict. The fundamentals still remain intact, but sharp increases in prices or sharp decrease in prices drives abnormal behavior by channel and stocking happens and so on, or destocking happens in an adverse situation.<\/p>\n

But the fundamental macro demand scenario still remains intact. The amount of construction and hence the consequence of that on the demand for pipes still remains where it was.<\/p>\n

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

Okay, understood, this is helpful. What we<\/p>\n

Akshat Seth<\/strong><\/p>\n

Also see as a positive, if I may add, the last two years were extremely soft as far as government spending in infrastructure on water and Pipeline and JJM, etc. From Q4, we are witnessing some green shoots of recovery on that front. It is also accompanied by a fresh commitment by the government in the recent budget of the allocation for JJM and so on. Having said that, those allocations were made in the last year and the year before that as well, but only a small amount of that was actually realized.<\/p>\n

But the fact that the program has been rebooted and we witnessed some positive movement on ground is again a positive tailwind that we will take for the industry.<\/p>\n

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

Okay, this is very helpful. If I may, a couple of questions on Parador, please. I do understand the severance package impacting the operating income. What were the other challenges in Q4 you mentioned the high input prices in a software demand environment. I do get it. But from an operational perspective, were there other also challenges which resulted to such a lower negative margin?<\/p>\n

Akshat Seth<\/strong><\/p>\n

No. So I think operationally there were no other challenges. Given this Whole war situation hit in early part of March and if you see traditionally March and quarter four is a. Is almost a high season for us. There was a lot, there were a lot of orders which have been deferred. While those orders still remain in our order book, they have been deferred and hence there was a negative impact on revenue. So a large part apart from those one off items, the reason for profitability being low is essentially the drop in revenue and volumes.<\/p>\n

So no other factor or any major factor to report here.<\/p>\n

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

Understood. And in terms of the India expansion of Parador, from basic research I could find out certain links which talk about the pricing and the offerings online. But can you also help about how you’re positioning this product in terms of both commercial as well as B2C offering of the product?<\/p>\n

Akshat Seth<\/strong><\/p>\n

Yeah, so it’s, it’s still positioned at the premium end of the segment. It’s a made in Germany product and that’s the proposition that we are building. The brand is centered around quality, aesthetics and that’s the same promise that we are making to consumers here in India over the last two, three years there. Sorry, over the last 12 months. There is now a sales team which is dedicated for this and a lot of groundwork has happened in that. So we, we are now building a pipeline of orders both on the commercial side and also equally building a retail footprint.<\/p>\n

Having said that, we recognize that much of the demand will be anchored around the larger cities and metros and that’s where the market focuses. So we are not trying to be everywhere. The one challenge that we face, which also is in some sense the landed cost of those products in India is, is something that remains a concern. So, so pricing will be a critical factor and India, you are aware is a very price sensitive market. So that’s one challenge that we manage on a day to day level. But rest of the fundamentals and positioning is as I described.<\/p>\n

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

I understand in terms of comparison maybe with existing players, for example Wellspun Living, I looked at their catalog, their offerings are of the similar specifications. I cannot comment on the relative quality of the two products but the pricing is at somewhat discount to Parador in such an environment when you have to gain market share for existing players. While I understand the aspect of the freight cost also being inbuilt in your product, how do you think you will be able to sustain growth or gain growth or sustain market share when the product is already priced at a premium?<\/p>\n

Can you tell me a little bit about that? Please<\/p>\n

Akshat Seth<\/strong><\/p>\n

See, I won’t comment on a specific Competitor or market player. Not right on my part to do that. But I will just take an analogy. In the automotive world, you will have Maruti and also a Mercedes playing in the market. They will have different positioning, they will have different price points and different offerings in the market. And the market thankfully is large enough to absorb different types of proposition and for each of these companies to make a successful venture out of it.<\/p>\n

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

I understand. I mean, thank you very much for answering my questions. I will get back in the queue for the, for any follow ups and good luck for the current quarter.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question comes from the line of Anubhav Goel from Cosmo Ventures. Please go ahead.<\/p>\n

Vaibhav<\/strong><\/p>\n

Yeah, hi sir. Thank you for this opportunity. So I have a bunch of questions. Hi Anubhav. So for Parador, from what I understand is in India, the engagement with architects and contractors is a very long dated, tough process. And then we have imports coming from China and Vietnam. So the turnaround for the next few years would largely come from a turnaround from our European sales, correct?<\/p>\n

Akshat Seth<\/strong><\/p>\n

That is correct. See, compared to the scale of our European business and the international business, India is just about starting up. So the fortunes of Parador is not anchored only on the India business.<\/p>\n

Vaibhav<\/strong><\/p>\n

So the European outlook, you would say, is continuing to stay where it was or we can see any signs of improvement there.<\/p>\n

Akshat Seth<\/strong><\/p>\n

You should look at some improvement and judges on that and not because the market is bouncing back. But there are certain moves that we are making. One of them is to reboot our whole retail presence. So you are aware that we are very strong on the DIY side. We have some retail presence and commercial is something that we were starting up now, especially in our central core, central European market. In the last six to 12 months there’s been a report of both the teams and also differentiated product offerings for these channels which give us confidence that this year there will be an uptick in these markets coming in from there.<\/p>\n

And I’m not talking just, I’m talking on basis of what the leads look like, what the initial traction has been and so on. So that is one significant area where you should see uptake. Second, on the engineered wood side in Europe, we are going further on the premium end of the segment. What has happened in that market is that the mid end of the market has been affected by cheaper imports from places like China and so on. And hence it was important for us to expand our range on the premier main that work has happened.<\/p>\n

We launched that whole collection back in February and we are now rolling with that. So that’s the second area which is expected to give us an uptick in the core. Central European uptick theater independent of any market. Bounce back. So all of this is assuming that the external environment remains where it is<\/p>\n

Vaibhav<\/strong><\/p>\n

Helpful, sir. Got it. So can I get a breakup for the wall sales? This 610 crore split into AAC blocks, panels and boards for this year and last year.<\/p>\n

Akshat Seth<\/strong><\/p>\n

But roughly it will be 60, 30, 90, 60, 30, 60, 25 and 15%.<\/p>\n

Vaibhav<\/strong><\/p>\n

60 would be blocks and 25% would be panels.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Yes.<\/p>\n

Vaibhav<\/strong><\/p>\n

Okay. And so for boards and panels, what is our current capacity utilization and where can sales go towards in the next two, three years?<\/p>\n

Akshat Seth<\/strong><\/p>\n

Actually in both those segments we. In fact even in blocks we are chock a block as far as capacity utilization is concerned. And hence the increase in sales or production will come from two things. There are some brownfield expansions we are doing which will come on stream within this financial year, hopefully by the start or sometime in Q3. So that will give us an immediate fillip on what we are able to sell. The second thing is the new project that we are greenfield project on boards that we are putting up in Nellore will give us additional capacity and that is also designed to make products which are value added.<\/p>\n

So we are looking at HD boards, designer boards and so on. So that’s in this financial year. Those are two big areas which will add capacity and production capacity for both production and sales.<\/p>\n

Vaibhav<\/strong><\/p>\n

So between the three panels and boards would be much more profitable than AC blocks. Right.<\/p>\n

Akshat Seth<\/strong><\/p>\n

See there are a lot of synergies across three. So we look at it as a combined unit because a lot of boards for instance are fed into the panel side and so on. So it’s hard to sort of split it across the three.<\/p>\n

Vaibhav<\/strong><\/p>\n

So now just coming to Polymeier, if you can just elaborate on your strategy for pipes and fittings. Like you mentioned, the Jaljeevan allocations and the distribution is different from our core as bestos and boards business. So I am guessing we are doing this via distributors and unlike roofing we don’t have leading industry capacities and our range probably is lower than the leaders. So can this turnaround and scale up over the next few years or.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Yeah, so a few clarifications first. When it comes to range we are comparable to anyone in the industry, including the largest player in the country. And that is not something that was there over say three years ago. But in the last three, four years there has been concerted effort to ensure that we are complete on our range. We carry over 3,000 SKUs and from PPVC, UPVC, OPVC to HDPE, the entire range is available with us point number one. Point number two, we have a manufacturing footprint across all the four regions of the country.<\/p>\n

So north, south, east, west. Third, we have significant capacity in our production plan. So for us to scale, scale up from where we are to let’s say another 30, 40% more than this, we have that kind of capacity already in. So it does not require fresh investments. So those are three sort of baseline items.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Got it. Given<\/p>\n

Akshat Seth<\/strong><\/p>\n

What the market can. Given what the market conditions, and I’m now commenting on the strategy, what the market conditions were in the year that has finished FY26. We were as a team sharply focused on making sure that all the operational efficiencies are maxed out. And a lot of work was done on that which is now visible in our 4 to 4 numbers. Even if I discount some of these material and material cost related items which were one off because of the price spike that happened, there is still a lot of gain to be shown on the profitability side.<\/p>\n

We feel that’s now in a stable area and as the markets are sort of looking positive, demand scenario is looking slightly better. We are focused on accelerating sales. A lot of effort and initiatives have gone in defining which markets we want to win. A proper sales acceleration program has been underway for the last six months and really now the focus is just make sure that we are winning in the markets that we have identified as our priority ones.<\/p>\n

Vaibhav<\/strong><\/p>\n

Okay, sir, if you ask me, the strategy,<\/p>\n

Akshat Seth<\/strong><\/p>\n

Strategy is essentially around sales acceleration.<\/p>\n

Vaibhav<\/strong><\/p>\n

Right, Right. From my last question for AAC blocks, could you mention which are the largest 2, 3 capacities in the industry?<\/p>\n

Akshat Seth<\/strong><\/p>\n

You know that. I mean again, I can talk about my capacities. I. It’s not right for me to talk about others.<\/p>\n

Vaibhav<\/strong><\/p>\n

Thank you sir.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Okay, thank you.<\/p>\n

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

Thank you. Your next question comes from the line of Moksh Ranka from Aurum Capital. Please go ahead.<\/p>\n

Moksh Ranka<\/strong><\/p>\n

Hello sir. There has been a structural increase in our employee cost percentage post our acquisition of Paradox. So as part of our BCG cost cutting program, do we like intend to do more rationalization of our employee strength and like bring it back around 10% of revenues like it was earlier?<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

The manpower cost has not increased substantially in Parador. It is as we mentioned, 1.8 million euro provisions created for severance at the same time. Last year forex was 1991, whereas this year the conversion rate is 100 607. So there is an impact on account of Forex conversion rate. It is largely More or less same as last year in paradox.<\/p>\n

Moksh Ranka<\/strong><\/p>\n

No, I’m talking about like before that acquisition of Parador. Like as a percentage of sales it used to be around 10% and now I think it’s around more than around 15 and more than 50%. Like are we like planning to the<\/p>\n

Akshat Seth<\/strong><\/p>\n

Denominator? It’s also, it’s a function of also the denominator you are applying between say eight years ago and now. So that’s also at play. Having said that in terms of both headcount and the cost of headcount. It’s something that we look at constantly and wherever there is streamlining that needs to be done, we are always on the job.<\/p>\n

Moksh Ranka<\/strong><\/p>\n

Okay. And are we trying to restrict it to some percentage of it? Like in terms of that and also like. One more question would be how much is like the maximum debt? We are comfortable because leverage has increased a lot in the last few years.<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

If you say our equity is close to 1100 crore at console level whereas debt structure is 850 crore. So we are comfortable to another 200 to 50 crore at this point of time.<\/p>\n

Moksh Ranka<\/strong><\/p>\n

Okay, got it. That’s it for myself.<\/p>\n

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

Thank you. The next question comes from the line of Sanjay Kumar from Ithought PMS. Please go ahead.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Hi, first question on margins in Q2 call. I think you committed to about 150 to 200 basis points EBITDA improvement from the BCG project in Q4 on a standalone basis we did about 4% EBITDA margins. This is excluding other incomes, roughly 27 crores EBITDA. So I guess the BCG driven savings has already played out as you had guided for in Q2. So how do we get to a 10 12% EBITDA band EBITDA range? Which segments and what levers will take us there now that BCG has played out. Can you give us segment wise EBITDA margin profile where we are in Q4 and how do we get to.<\/p>\n

Where do we get to in a say 23 year period?<\/p>\n

Akshat Seth<\/strong><\/p>\n

On a lighter note, we can keep doing BCG type projects and keep adding that, but it’s a joke. The trick for us to get to double digits which is where our first aspiration is to get the portfolio right in terms of the mix. Without me mentioning it, you have a sense basis our numbers and declarations that there are certain segments which are nearer that double digit mark and certain segments which are not. So one the indexation on that. And so for instance our focus on construction chemical is coming from that whole belief that that’s a segment that can be in double digits ebitda.<\/p>\n

So it should have a reasonable share in the overall portfolio. Second, our investments that are happening on the wall side is also coming from there because that’s a segment even today in our portfolio probably amongst the higher profitable one. So getting that mix right is important. And over indexing on elements which are better profitability is a. Is a key one.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Okay. And Parador I think in FY25 also we had done a severance package or a one time package. Now we have provided another 1.8 million in Q4. So is this the end of restructuring there? Should we expect more severance in FY27? And this is one. And the impairment at the Parador level itself. Does it mean there. There are concerns as a going concern for Parador? What. What led you to the impairment?<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

Led you to the impairment? See if you. There is a. There is a losses in Parador in last couple of years. The value at console level is adjusted on account of paradox losses in last US to the extent of around 20 million euro. Whereas in India the investment was at the same level at original cost level. So based on the current valuation, based on DCF model and the CCF model we have arrived the valuation and then we have worked out the equity value and then adjusted the equity value investment with the current equity value as per the valuation model.<\/p>\n

So. So that is one of the reason the impact has come only in standalone books, not in the console books.<\/p>\n

Moksh Ranka<\/strong><\/p>\n

Okay. What is the residual equity value today?<\/p>\n

Ajay Kaparia<\/strong><\/p>\n

What is the equity value? Dual equity value. So. So it’s around 200cr as on 31st March. Our original investment was 273.5 crore.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Okay. Okay. And this severance, will it continue? We have been doing restructuring every year. What to expect in FY27 in paradoch profitability.<\/p>\n

Akshat Seth<\/strong><\/p>\n

I think what we should expect is a bounce back on sales which then has a positive flow through on profitability. That’s. That’s the expectation to carry for this year.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Okay, final question. What was the volume growth in pipes and walls segment in Q4?<\/p>\n

Akshat Seth<\/strong><\/p>\n

Volume growth is in the zone of about 2 to 3%. And the second one was Walls. Walls. Overall volume growth in Q4 will be a blended of about 20% plus.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Okay. Okay, thank you. That’s it from my side.<\/p>\n

Akshat Seth<\/strong><\/p>\n

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

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

Thank you. The next question comes from the line of Anup Nambiat with Equity Intelligence India Private Limited. Please go ahead.<\/p>\n

Anup Nambiat<\/strong><\/p>\n

Hi. Thanks for giving me the opportunity. So my question is to Akshat Sir, a you this is in line with the two comments that you alluded to previous participants asking questions. So you joined the CEO probably in 2023 and at that time the employee cost was around, I think around 400 crores. 400, 411 crores. I don’t remember the exact number, but somewhere around that range. And for the current financial year I think we are closing it around nearly 600 crores. So over the last three years or four years we have seen a 200 crore increase in the employee cost.<\/p>\n

But despite that we have not been able to drive sales. So I would like to know your thoughts into this because despite being top salaries and having top talent, what is that is not letting us drive the sales? Hello. Yes.<\/p>\n

Akshat Seth<\/strong><\/p>\n

First I think numbers you are quoting and in general, directionally I can understand where you are coming from. So the specifics of the number I would urge you to check because they don’t seem to tally with what our numbers are. There is a India part of the salary. Let me complete this.<\/p>\n

Anup Nambiat<\/strong><\/p>\n

Yes, yes.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Yeah, there is, there is a India part, manpower cost and then there is a parador part. There is also currency factor that comes in and so on and so forth. So we can, we can speak separately but there is some bit of passing that is required there. That said, the revenue growth trajectory has not been where it should be in the last at least couple of years. The focus has been to put new growth engines which can drive revenue in a more meaningful fashion, which is where the inorganic activities have happened, which is where a lot of organic push on building new markets, new product segments has been there.<\/p>\n

Some of these things have a little bit of a timing angle to it in terms of from germination or sowing the seeds to when the harvest can be done. So maybe we are slightly earlier in the cycle. I think what has happened over the last couple of quarters gives us confidence that finally the growth cycle is moving and you will see numbers which are more to your liking than what it has been in the past. That’s number one. Number two, it’s also been an environment where for our industry, both in India and outside India, conditions have been less than benign.<\/p>\n

So there have been a fair amount of headwinds that have also been at play. And the third factor I will play is if you scratch below the surface, in every product segment there has been volume growth over the last couple of years. But given the competitive situation and the pricing environment, it has not translated fully on the revenue side, which again is a correction that has to be done. And so on so there are some positives but the big picture, I am not disagreeing with what you are saying.<\/p>\n

Anup Nambiat<\/strong><\/p>\n

So from an optimistic point of view, if I say that we have a capable team to drive the sales further higher in the coming years, would you agree to that or would that be right? Statement to me, do you have the confidence?<\/p>\n

Akshat Seth<\/strong><\/p>\n

Absolutely, unequivocally. That’s what is keeping us going. The teams have been both restructured, new talent has been brought in and many cases new teams have been brought in. In many cases there is the old set of people who are still leading from the front. So there is a huge amount of confidence on the, on the team. I will again give examples. I think we can keep talking about what the numbers are and somewhere, let’s say pipe segment where we have been our own critics in the past, this is also the team which has delivered stellar numbers in Q4.<\/p>\n

So with some amount of market tailwind, this team has also shown evidence that it can hit the ball out of the park. So we have the right ingredients and these things also have a little bit of timing factor that comes into play. So we can’t also get ahead of the curve on that.<\/p>\n

Anup Nambiat<\/strong><\/p>\n

One final question if I may add. Yeah. This is on the capital allocation, sir. Capital allocation. So we have stated our intent to grow in our inorganically in our previous calls and I think even through the AGMs and we have a stated objective of a billion dollar revenue target as well. So with the current capital structure that would point to some sort of a fundraise or a fund infusion, equity fund infusion rate. And do you see the promoters willing to put in extra money and especially at the current depressed valuations, does it make sense for them to consider that.<\/p>\n

I know you are from the management side, it is a board decision. But then what are the feelings that you’re getting?<\/p>\n

Akshat Seth<\/strong><\/p>\n

So you already answered the question for me. I can’t answer on behalf of the promoters of the board. I think from a professional management perspective we are on the right way. There is a lot of momentum and these are topics which also get solved as we go along. It is not that the switch from where we are to a billion dollars will happen overnight. If we are on that trajectory, there will also be a much better increase of cash approvals from the operations as well and so on. So let that play out on that front.<\/p>\n

At least in my position I carry no concerns and worry.<\/p>\n

Anup Nambiat<\/strong><\/p>\n

Fair enough sir, and wish you all the best. Thank you.<\/p>\n

Akshat Seth<\/strong><\/p>\n

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

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

Thank you.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Maybe a quick time check should we we are on top of the R. So<\/p>\n

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

Sure, sir. Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to the management for closing comments.<\/p>\n

Akshat Seth<\/strong><\/p>\n

Thank you. It’s been a pleasure interacting with all of you over this call. We thank you for taking the time out and engaging with us today. We value your continued interest and support. And if you have any further questions or would like to know anything more about your company, kindly reach out to our investor relations desk. I recognize there might be some questions that we have not been able to take, so please reach out to us. We’ll be happy to engage after the call. Thank you very much.<\/p>\n

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

Thank you. On behalf of Birla New Limited. That concludes this conference. Thank you everyone for joining us. And you may now disconnect your lines.<\/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. BirlaNu Ltd (NSE: BIRLANU) Q4 2026 Earnings Call dated May. 13, 2026 Corporate Participants: Meet Shah \u2014 Investor Relations Akshat Seth \u2014 Managing Director and Chief Executive Officer Ajay Kaparia \u2014 Chief Financial Officer Analysts: […]<\/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-182853","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":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182853,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":130756,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182853,"position":1},"title":"United Spirits Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Vvcm7ol3-Ew Key highlights from United Spirits Limited (MCDOWELL-N) Q4 FY22 Earnings Concall \u00a0 Management Update: MCDOWELL-N expects volatility, temporary import supply constraint and inflationary headwinds to remain in short term, putting pressure on its growth and margins. \u00a0 Q&A Highlights: Avi Mehta - Macquarie Group - Analyst EBITDA and working\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130692,"url":"https:\/\/alphastreet.com\/india\/lupin-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182853,"position":2},"title":"Lupin Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 17, 2022","format":false,"excerpt":"https:\/\/youtu.be\/KuHcJgOThAg Key highlights from Lupin Ltd (LUPIN) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Pritesh Vora - Mission Street India - Analyst Total investment made in the biosimilar pipeline till now? 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