{"id":182998,"date":"2026-05-14T07:24:42","date_gmt":"2026-05-14T11:24:42","guid":{"rendered":"https:\/\/alphastreet.com\/india\/clean-science-and-technology-limited-clean-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-14T15:20:20","modified_gmt":"2026-05-14T19:20:20","slug":"clean-science-and-technology-limited-clean-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/clean-science-and-technology-limited-clean-q4-2026-earnings-call-transcript\/","title":{"rendered":"Clean Science and Technology Limited (CLEAN) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Clean Science and Technology Limited (NSE: CLEAN) Q4 2026 Earnings Call dated May. 14, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Siddharth Sikchi<\/strong> \u2014 Managing Director and Promoter<\/em><\/p>\n

Analysts:<\/h2>\n

Sanjesh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhijit Akella<\/strong> \u2014 Analyst<\/em><\/p>\n

Ankur Periwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Arun Prasath<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Priyank Chheda<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and Gentlemen, good day and welcome to the Q4FY26 earnings conference call of Clean Science and Technology Limited. We have with us on the call Mr. Siddharth Sikchi, Managing Director and Promoter, Mr. Sanjay Parnekar, CFO and Mr. Pratik Bhaura, President, Commercial. [Operator Instructions]<\/p>\n

I now hand the conference over to Mr. Siddharth Sikhi for opening remarks. Thank you. And over to you sir.<\/p>\n

Siddharth Sikchi<\/strong> \u2014 Managing Director and Promoter<\/em><\/p>\n

Thank you so much. Good evening everyone. Thank you for attending our quarter 4 and 12 months FY26 earnings call. I sincerely appreciate your continued trust and engagement and it is our pleasure to connect with you once again. Let me speak briefly on the business environment. The Q4FY26 has been a resilient quarter for the company marked by strong delivery despite challenging global environment and geopolitical uncertainties. The challenging conditions that we had highlighted during the earlier part of the year continued for a large part of FY26 with muted customer offtake, pricing pressure in selected products and selected geographies and of course tariff related uncertainty.<\/p>\n

At the same time, we remain focused on customer engagement, process efficiency, backward integration and protecting our market position in our key product categories. On other side, the quarter reflected sequential improvement in overall performance largely driven by increase in customer in volume of take in our products. We continue to see scale in our health business segment which saw the highest ever revenue in Q4FY with continued improvement in favorable product mix during this quarter. In line with our disciplined and shareholder aligned approach, the promoter directors voluntarily chose to forego substantial portion of their performance bonus for this particular financial year.<\/p>\n

Consequently, the performance bonus for FY26 is reduced to less than 1% of PBT as against entitled 4% PBT for this financial year. On standalone business performance starting from Q on Q comparison the revenues improved by 8% to 193 crores largely due to increase in customer offtake in our products. The EBITDA and PAT margins are at 46 and 40% respectively, translating into a EBITDA of 88 crores and a PAT of 77 crores. This revenue increase is primarily led by increase in volumes coming to YOY. The sales declined 19% during the quarter and this was primarily decline led by sales volume.<\/p>\n

On 12 month YoY front the revenue declined 12% from 900 crores to 796 roughly 800 crores. This is attributed to loss of key account or a particular customer in an FMCG which is 4 map product lower offtake and pricing pressure in our key products. On consolidated business performance the consolidated revenues increased by 14% to roughly 246 crores and the consolidated EBITDA and PAT margins are at 33 and 28% respectively in absolute terms I.e. 96 and 58 crores respectively. On 12 month YoY basis the revenues remained flattish at about 945 or crores against the standalone revenue as possible due to consistent scale up.<\/p>\n

In our HALS business the consolidated EBITDA and PAT margins are at 37 and 24% respectively, which amounts to 355 and 230 crores respectively. The key business developments the Clean Phenocan Limited reported a positive EBITDA of 7 crores in Q4 marking its first quarter of positive EBITDA following an EBITDA break even performance in the preceding quarter. The hydroquinone catechol plant was established in December 25 is under initial stabilization phase and we expect the plant to achieve optimal operations with improved productivity and efficiency in the following 1 to 2 quarters.<\/p>\n

The product quality approval from customers have already been secured. In the current quarter the hydroquinone and catechol imports are fully replaced by captive HQ catechol production for our products TBHQ and Veratrol leading to moderation in raw material cost a little on CAPEX Update Our CAPEX timeline of performance chemical 2 is as per plan and we expect to commercialize by September 26th. The change in plant commercialization timeline is attributed to scarce manpower resources as labor movement is observed due to increase in gas prices.<\/p>\n

The cleanquinochem is further backward integrating in some of the key starting material raw materials which are required for our HALS production. This strategic initiative is aimed at ensuring uninterrupted supply of essential imports while strengthening our margins and overall operational efficiency and this initiative will be implemented with minimal capital expenditure and in house developed processes. We are now planning to also debottleneck our some of our HALS product lines and also setting up a dedicated product line for Hals 2020 which is a key intermediate product for higher grade of Norhal’s product.<\/p>\n

Thus we are enlarging our existing HALS product portfolio while enhancing our presence in value added specialty chemistries. During this year the capital infusion in subsidiary was approximately 200 crores with total investments of subsidiary now standing at 700 crores. I am glad to inform you that the board in today’s meeting has declared a final dividend of rupees four per equity share amounting to 400% of face value of rupee one per share. With this I conclude my opening remarks and looking forward to the Q and A session. Thank you so much.<\/p>\n

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

So, shall we open the floor for Q and A?<\/p>\n

Siddharth Sikchi<\/strong> \u2014 Managing Director and Promoter<\/em><\/p>\n

Yes you can please.<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Sanjay Jain from ICICI Securities. Please go ahead.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Yeah, hi, good afternoon. Thanks. Thanks for taking the call. And my questions first. Just can you help us with the segmental numbers? I think that you should give in the presentation that will be really useful to make the analysis.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

So basically you want the performance versus<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Performance pharma, FMCG and others. So.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

So Sanjesh performance segment contributed 72%.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Okay. The<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Second segment, pharma agro 19% and FMCG balance 9%.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

This for the quarter or the full year? Pratik?<\/p>\n

Abhijit Akella<\/strong><\/p>\n

This for full year.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Okay. For the quarter.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Quarter I think. Okay, I’ll get back to you on quarter number. But effectively the presentation also we put for the full year. So basically full year minus nine months you can get to a quarter number.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

I can do that. I got it. I got it. But that’s. That’s super useful. Sudha, just wanted to get your view on mahq. Now that HQ prices have gone up so sharply, how should we see the MAHQ competitiveness? For us the phenol price has also gone up. But relatively. Do you think your position has strengthened in the market in post this West Asia? And how should we see MHQ market in FY27?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

No, I agree with you. Because of the hydroquinone prices going up, it definitely helps us in mehq. But also to be honest with the capacities of hydroquinone in China. And they are not as impacted with the raw material prices which we have in India. So in view of this we have to calibrate our prices in a manner that we are able to balance all the positions and still keep our market share within China as a market.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Okay, so what we are telling is that we are able to fully absorb the Increased phenol prices or do you think that we are<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Able to pass?<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

We are<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Able to pass some but wherever there has been long term contracts in those cases we have not been able to pass.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

And, and how long are this contract for us?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

That it depends on customer to customer. There are some contracts which are half yearly, some there are full year<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

As they expire, we will renegotiate. Right?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Absolutely.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Got it. So but slowly, steadily we will pass on a lot of it. Should be the right understanding. Yes, yes,<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

We definitely will.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Got it, got it. Second on the hals. Very heartening to see a very sharp increase in the revenue for hals when we do console, minor standalone. Can you just give us a color what led to sudden jump and how sustainable these number are? What volume we did, which category of HALs did very well for US domestic versus yeah, I will<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Not get into too much of product wise and this due to competitive nature of the business but I can tell you this was not. I mean actually we have. This was a little delayed response. I mean we were really hoping this response to come a few quarters prior. So this is not actually surprising but it is just delayed. So of course as customers were evaluating big accounts were testing trials, all validations that took a large portion of this time. But now that as I said you can see our export growth picking up.<\/p>\n

Earlier we were predominantly Indian substitute. We were only trying to cater majorly to Indian market. So we were roughly 80% India, 20% export. Today we stand at 5050 domestic, 50% export. So our exports have picked up dramatically and I think over the period our expensive grades of HALs are also being. I mean we have been able to also start selling those on larger scale. And hence we are also now in the process of debottlenecking and also putting more Capex wherever needed to get into backward integration of these products.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

I thought we were significantly backward integrated.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Yeah, actually we are. But you know then there are some of the key intermediates which typically not all HALS producers make but we have found that it will further strengthen our positions and we are getting into those intermediates as well.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Got it, got it. What was the HALS volume? Because we were looking at like 250 metric ton. What is the. I think overall<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

We did about over 1,000 plus tons<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

For the<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Quarter. Yeah,<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

And as you said when you say export without the geographies where we are seeing an naturely<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Europe, Middle east and of course United States.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Okay, got it. So<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

There are still untapped regions now where we are exploring like majorly Southeast Asia, Latin. So these are some markets which now<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

We want to excel in. Just one question here for hals. We use acetone and acetone as a commodity has seen a very sharp increase in prices,<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Absolute sharp increase. And same is the case with ammonia because light stabilizers are amine based and so is the case with ammonia.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

How should we see the pricing competitiveness for us and ability to pass on in a market considering that we are a new kid on the block?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

See, I can tell you very. I mean in a simple manner you have seen quarter three we were EBITDA neutral. In quarter four we made an EBITDA of 8 crore despite all prices shooting up in the month of March. So more or less we are now quite competitive. We are able to pass prices at some point. Not 100% but I think with the efficiencies which are picked up and as the volumes grow. All these in combination will help us in this financial year. And we are very hopeful that SALS will be a good, I mean good business decision for us.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Just one final question before I join back in the queue. How should we look? So last year was a flattish year for us. How do we envisage FY27 panning out for us with HALS finding traction, inflation being in the business. How should we see the EBITDA and revenue growth in FY27?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

We are waiting for this Chinese summit to end. Then this Russian Putin Chinese again summit to end to understand where the world stands in terms of crude oil. What is our supply positions in terms of crude oil? We are so dependent on macro that it is very difficult to really tell you. How do we see this financial year? This is going to be a very tricky financial year for chemical industry in my view.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

But generally I thought inflation is a good scenario to be than the deflation.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

It is very good but it has to be across the world. It does not work when price differentiation between. Hello. Yeah, if. If China gets better crude oil position from some part of the geography in which we are. We are. We don’t get in India, you know, then there will always be a price test. I mean arbitrage between the Chinese producers for commodity versus us. This is the major game plan where it spoils the party.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

I hope you are able to understand.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

No,<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

No, I got your point. But have we seen that happening in last one one and a half month?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

I can tell you we bought majority of phenol and acetone from China which was never the case in last many years.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

There was a significant pricing differential in Indian versus China. Yes,<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Absolutely. Absolutely. And the delta in commodity chemicals, the delta is not too high but this time the arbitrage was very high. So I mean just to give you a correlation so quickly, the prices in China are so, I mean quite better for these commodities that we were able to import into India and still be competitive against the guys who are just place few hundred kilometers away from us.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Got it. But has that reduced over a time or you still see that scenario persist in India?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

At least in June, I can tell you they are more competitive.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Okay, got it, got it. Thanks Ida, thanks for answering all those questions and best of luck for the coming quarter.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

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

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

Thank you. Next question is from the line of uncle from Axis. Please go ahead.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Yeah. Hi Siddharth, thanks for the opportunity. First question, you know, continuing with has there. So given that, you know, we have seen good traction in the export markets here, would be fair to say that Q4 should be a base case revenue here for us. And incrementally things should only improve. And, and second. Yeah, and, and this will also. Is there you know, a significant benefit that we are seeing from the distribution tie up that we had done or is it the, the older ones wherein you were doing direct touch up touch with the customers and those have sort of, you know,<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Ankur, it’s always a combination, right? In sales, larger accounts, direct accounts, distribution channels. Even when distributions are now increasing. I mean, you know, they started with small volumes, now their confidence has picked up. They are now able to maintain more safety stocks, supply more to the customer. It’s a combination of both. Right. But in totality we are now known as a good supplier of hals. Both not just India but also global player. And now we are also seeing a lot of inbound interest coming from customers. So it’s a good thing for us, I think.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Sure. And you know, given, given the traction now your earlier, you know, guidance of let’s say optimal utilization in three years that stands or probably we can look at, you know, we will be looking at increasing capacity in health further to capture the opportunity.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

I think when we try and increase capacity we have a little longer term view because you know, increasing capacities in chemical businesses do not happen in few weeks. You know, it typically takes couple of months, sometimes a larger period when you have to debottleneck in a running plant. So with all these views we have started to understand that there will be a phase where we will run out of these capacities. And hence we have already started looking at debottlenecking or getting backward integrated in some of our products which I mentioned during the start of the call. So with all this we feel, or I personally believe this can be a good traction for the company in the coming years.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Okay, fair enough. From you know the other Capex that we were doing, you did highlight, you know, pushback in the water treatment product, the Performance 2 part to September there. Right. If you can help, you know the timelines of Capex and if at all with the current volatility, there is any change in revenue, timelines, etc. That will be helpful.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

So I think typically validation Q3, commercial production, I mean commercial some business Q4 and then pick up FY28. So you know it’s a standard process.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Sure. This is for the performance, you know to the HQ category you mentioned 1 2\/4 will take for the product validation.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Yes. So that has started in some of the accounts. I mean I’m sure you’ve seen some exports also happening. We are already supplying within India markets plus we are using all our captive needs, are now fully satisfied by our own in house production. But we are still not at the point where we want to be. So I think, I mean chemical plant, it takes some time, probably a quarter or two will take to completely optimize and be running at the full scale capacities which we were looking for.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Fair enough. And the last one, the pharma one, that plant already got commissioned, right?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

No, the pharma we have already refurbished. We realized there is too many issues which we did not anticipate and fortunately we were able to refurbish those plants very quickly to make the halb intermediates where we were dependent on just some Chinese sources. So all those refurbishment will happen in the next couple of months and those plants and those are better returned to us rather than keeping that pharma intermediate.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Okay, so as a product, you know that intermediate is no longer there on the.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

No, we dropped it.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Fair enough. Lastly, you know we have also been working on you know, other products across performance as well as you know, on the pharma side. Any updates there? Any breakthrough there? And just you know, one more addition there from a global competition perspective. Not only India. Any thoughts there? Anyone sort of, you know, being looked as a competition or a threat to our business or growth there?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

No, I think whatever we are looking at, I mean we are still pursuing those opportunities and of course like we mentioned right now that I mentioned this 2020 which we developed a completely in house technology that will be a greater addition to our health and also already been validated with some customers in Europe where supplies have begun. We want to scale up these capacities and also now trying to get into higher grade of health. So I think a lot of focus is now put on those businesses where we see the offtake being quicker and also the TAM being far larger than some of the other products which we were pursuing in the past.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Sure. And on the competition. Bit, any comments.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

In. In which business?<\/p>\n

Ankur Periwal<\/strong><\/p>\n

In. In the, you know, mahq, you know, BHA business, both in India or even from the global players, if at all<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

The India, I mean you know the players who are, who are there but we are not seeing yet. So I will not comment too much. There could be some competition within China and we are well placed to compete with them.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Okay, great. That’s helpful. Thank you and all the best.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Thank<\/p>\n

Ankur Periwal<\/strong><\/p>\n

You.<\/p>\n

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

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

Arun Prasath<\/strong><\/p>\n

Hi, good evening Siddharth. Thanks for the opportunity. Question is on the nhq. So because of the excess HQ capacity last at least three, four months, we were anticipating there will be the. We need to compete really hard in terms of pricing. So is that part behind us or. We are still seeing too much of HQ being in China at least diverted towards MAHK production and keeping us in close.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

We are still trying to keep our market share and if you see that is still happening. So wherever needed we are working on pricing, tech and whatever is needed to keep our market share. Okay,<\/p>\n

Arun Prasath<\/strong><\/p>\n

So the these HQ capacities are originally put up for manufacturing in the HQ or something else. And that something else is not happening. That’s why this HQ is diverse. How is this happening in China? Hydroquinone<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

In itself is a very, very large product. It itself is used as multifold application. MEHQ is just the smallest item out of that. So hydroquinone is never made to. I mean hydroquinone is not produced to make me hq. Hydroquinone itself has a lot of usage. Like for instance, we have started hydroquinone now, but we are not making anything into getting into mehq.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Right. So what prompted these Chinese players to actually allocate HQ for me HQ production in the first place?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Only if we can understand Chinese and their pricing ways. I mean, you know, life would be so easier.<\/p>\n

Arun Prasath<\/strong><\/p>\n

So. Okay, so. So that uncertainty still remains largely in the NHK business. Is that right understanding?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

I don’t know if it’s the right answer, but it says that as I said, whatever is needed to maintain the market share we are doing. And I think you have seen that the revenues are not dropping anymore. But it is on flattish basis. So we have been able to, I mean keep our market share intact.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Right. Can I just highlight what is our volume growth in NIHQ during FY26?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

We don’t give all these product by product. Now Arun, you are aware of it.<\/p>\n

Arun Prasath<\/strong><\/p>\n

All right, all right. But, but largely we, when we say we have maintained the market share and NHQ as a category also grows at a certain level, there will be some positive growth. That is a fair understanding.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Yes,<\/p>\n

Arun Prasath<\/strong><\/p>\n

Understood. Second, though we are saying that we have maintained the market share and NHQ by taking the appropriate pricing actions at least on a gross margin level. We are seeing, not seeing this happening. Is it because as a percentage it is not giving the right picture? Because we have maintained the gross margin almost at a 65 to 67 percentage in the standalone business. So what is happening on this,<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Arun? Standalone, the gross margins have improved for this quarter. The RMC is 33% which is better compared to the previous quarters by at least 2%.<\/p>\n

Arun Prasath<\/strong><\/p>\n

That’s a point. We have maintained the market share by responding to the competition. But still, at least in percentage terms, the gross margin has increased. So I’m trying to understand what we are missing here.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Is it<\/p>\n

Arun Prasath<\/strong><\/p>\n

Okay?<\/p>\n

Abhijit Akella<\/strong><\/p>\n

No, no, no, no. It’s a good thing. Right. But it’s a product mix which is driving a better gross margin on sequential basis. Whatever growth we have seen of 7, 8% that is largely volume like. And in that too, if you go to level two detail, which is these flagship products have contributed more compared to the last quarter. So in fact we have seen a rebound in volume in the flagship products which is leading to not only increase in revenue but also better gross margins.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Any one off because of say rupee depreciation or say inventory related gain in this?<\/p>\n

Abhijit Akella<\/strong><\/p>\n

No, no, there is no one off. Not in the gross margin but yeah, below line items. We have already explained about this performance bonus thing. Apart from that there is no one off in this.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Understood. And secondly on our performance Chemical one, we said we’ll take around a couple of quarters to optimize but usually volumes are at least firm. We have optimization will probably help us in achieving better yields and margins. But do we have visibility on the volume placement?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

We have already started selling hydroquinone catechol both in India and abroad. The product quality which is coming out is at par with the world’s, I mean competition quality. So quality is not a concern. However, we need to keep improvising our processes, meaning the efficiency, the norms, they have to keep improving. Right. So when you start a plant I mean there is more. I mean, you know, there would be more. I mean the norms are not as we had expected. So these optimization keeps happening. But the production has started.<\/p>\n

The volume material is coming out on daily basis. We are already selling these products. But what we would love is to get that, you know, get that norms. Perfectioning that norms. What is happening. And that is what we are trying to establish over the next one or two quarters. That’s what I wanted to highlight.<\/p>\n

Arun Prasath<\/strong><\/p>\n

No, no, understood. Just what I’m trying to understand is if our utilization levels reached certain threshold. So where you know, we can. We can actually break even within these two quarters. Or you will increase the utilization only after achieving certain optimized yield levels.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

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

Arun Prasath<\/strong><\/p>\n

So we will. So our utilization level is still the very low level at this point. Very<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Low, you Know. Yeah, it is less than it is 10, 15 odd percent right now. And we want to ramp up every quarter on quarter. You will see the ramp up happening.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Okay. If we have volume placement and sales visibility, why not operated higher level? And then later on we can do minor optimization. Because at any point of time absolute revenue and absolute EBITDA is, is better, right?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Arun, Arun, let us, let us do what we want to do. Please let us. And we understand. I<\/p>\n

Arun Prasath<\/strong><\/p>\n

Just wanted to usually.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

I know, I know usually what happens. We understand. But let us do what we are doing, you know.<\/p>\n

Arun Prasath<\/strong><\/p>\n

And finally on hals, this we said that we have converted our DHTT facility into hal’s intermediate. Does it give you the better edge over they say at least Chinese. Yes, 100%.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Otherwise what would be the point on doing all this? And even in that same line also we will, we will be adding this 2020 capacity,<\/p>\n

Arun Prasath<\/strong><\/p>\n

Right? And then this quarter’s EBITDA margin in the subsidiary 15 percentage. I’m sure there will be some cost associated with the HQ catalog also into this. So if not for that, what kind of a. Not too<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Big. Not too big, not too big.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Okay. And this sequentially the margin expansion in the subsidiary from 1% to 3% because of the any anything is because of the pricing. Because I’m sure you would have passed on the better pricing.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Ramping up will start happening. Fixed cost will get distributed, you know, and plus the higher value added products. See primarily we were. Until last year we were still selling the basic HALS product. Now the higher grade of HALS has started picking up. So the favorable mix, if you read my transcript, I mentioned that the favorable product mix is now rolling out what we wanted. So all this will start. You will start seeing will help us in margin expansion. Expansion.<\/p>\n

Arun Prasath<\/strong><\/p>\n

What is our exit utilization in halls in…<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

March was Almost around 40%. Around<\/p>\n

Arun Prasath<\/strong><\/p>\n

How much was<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

On March? Yes, 40%.<\/p>\n

Arun Prasath<\/strong><\/p>\n

40%.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Yes, yes. And<\/p>\n

Arun Prasath<\/strong><\/p>\n

Then. And our. You said that we have a better mix and what will be the blended realization?<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Blended realization per kg is around 460 rupees<\/p>\n

Arun Prasath<\/strong><\/p>\n

Which was around probably 8 to 10 percentage higher than on a sequential basis.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

No, no. Last quarter it was in the range of 420. 430.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Okay. And then eventually our plan to reach 7 to 7 and of kg dollar per kilogram of blended realization. That is. That is still we are aspiring to.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Yes, absolutely. We are aspiring to do that.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Thank you very much and all the best. Thank you very much.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Shreyan Jain from SJ Capital. Please go ahead.<\/p>\n

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

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

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

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

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

Thank you for the opportunity. So I have few questions. First with new players entering the Anisol MHQ VHS with large capacity and they start filling up companies like Viniti Organics and J Aromatics. How do you see the demand and supply scenario over there? And can there be an oversupply and can prices come down and hit our market?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

See, we just. We cannot comment on the competition but so far we are very well secured.<\/p>\n

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

To know about the standalone market size of Anisol in India and globally as<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Well. Market in India and globally. We are the largest producer and we are the largest customer consumer.<\/p>\n

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

Okay sir, I’m new to the company so I question that why China is producing MHQ from HQ and why they are not developing paper which technology which will get better realization and also be better ESG compliant.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Just in interest of the other participants. Join the call. We can connect offline for these questions because these are initial level questions. We can connect offline in interest of time.<\/p>\n

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

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

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

Thank you. Next question is from the line of omkar Dandekar from 3A Capital Services. Please go ahead.<\/p>\n

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

Hello. Am I audible? Hello. Yes you are. Hello. Thank you for the opportunity. My question is on the who are the players globally and India who has developed vapor based technology currently? I think Jam Aromatics and Winnipeg also have the same technology. Any other players?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

I think you know better. I think these are the two even we know. I don’t know any third one.<\/p>\n

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

No, globally. Hello.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Yeah, globally for which product<\/p>\n

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

Based technology<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Whom you said in India has developed<\/p>\n

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

GEM Aromatics and Unity Organics?<\/p>\n

Abhijit Akella<\/strong><\/p>\n

We can’t confirm for other companies it’s only in our case we can confirm that yeah our any soul. I mean that paper phase route is being used for manufacturing anisol for other companies. We are not the right ones to confirm.<\/p>\n

Ankur Periwal<\/strong><\/p>\n

Okay,<\/p>\n

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

One more question I have. Do we face any competition from China in any sort and how is the demand and supply scenario in any sort of.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

So anisol we use largely for the captive purpose Competition from China does not impact us on the sales part. That is second. That is second. Third is Anisol global market could be in the range of 25 or thousand ton.<\/p>\n

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

Okay, one question is on a global players solve a they are selling their aroma business which announce MHU tycore BHA they are losing the market share in this product from last three to four years so this is the reason Indian players entering this market to take market share<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

But if they have already lost then somebody has already gained also.<\/p>\n

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

Yes, this is the reason like Indian players are entering.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Indian players, I don’t know if they are entering but they believe looking at our margins that they can also replicate this. That is why Indians enter in other businesses. There is no other real reason for it.<\/p>\n

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

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

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

Thank you. Next question is from the line of Abhijit from Kotak securities. Please go ahead.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Good afternoon. Yeah, thank you so much and congratulations on you know significantly improved results. Just a few very basic data point results Question for me keep it brief that revenue salience of the top products, you know will it be possible to share how much it was this quarter? And second thing also the breakdown by geography we used to give that in the presentation. No, we have realized that these are fairly sensitive data points from competition perspective and that’s why we have taken a conscious call not to share that level those level details.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Fair enough, fair enough. The revenue, sorry the revenue breakdown in terms of volumes versus prices for this quarter gone by<\/p>\n

Abhijit Akella<\/strong><\/p>\n

So sequentially whatever growth we have seen around 8% that is largely volume led and if I’m talking only from a standalone perspective<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

At Console level of course because of health the growth is more volume led.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Okay. And the 200 crore capex that you’re investing in, clean Finochem any further color you might be able to you know share with us on that in terms of capacity or you know, revenue potential or products or things like anything that will be possible to share?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

This 200 crore. This is an enabling resolution which we have taken from the board. There are certain products in the pipeline. We may also plan to undertake a greenfield case. We are in the initial stages but this is an enabling resolution. We have a roadmap but we don’t want to put out at this stage. It’s more in the work in progress stage.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

So will there be any investments in fiscal 27 on this front or is that a bit later on?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

No, it could be in the later half of FY27.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Okay. Just a capex budget for the upcoming year. What, what should we work with?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

It could be in the range of max 80 to 100 crores.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Understood. And one Last thing from my side just on this, the performance bonus reversal. So what would the exact amount be that we have reversed out here and how much would the bonus be for the full year?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

That is roughly amounting to about 11 odd crores.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

11 odd crores reversed. And so the full year bonus will be. I can take that offline. Thank you so much.<\/p>\n

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

Thank you. Next question is from the line of Priyan Chera from Welland Capital. Please go ahead.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

Hi Siddharth Pratik and team First Sidharth, if you were to you know, analyze the, the situation of the, of our industry before this disruption that happened, the prices were trending at 20 year low and which was the case with the base chemical as well as the end product that we make now, the position as we stand today, I’m sure the base chemicals would have moved. Would you be able to quantify in certain or any any broader range that what would have been the price hikes or the increase in the prices because of whatever the reason that we would have taken standing as on date which should be reflected in the coming quarters and to our positioning or our situation where we are in our industry.<\/p>\n

Would there be certain any disruption which would lead to an advantage position for us to supply our material? Maybe there would be certain other players in Europe who would be facing high cost of raw materials. Maybe certain parts of China may be facing some other disruption. So we would be in the position to ramp up our core products other than health. I’m not talking about health, but our standalone business.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Yeah, base products like at least in the commodity we have seen the prices shooting up two times in that range. But that’s not again a fair benchmark because these are not transactional prices. Second, is there is a pressure in the European geography which is leading to some gain in terms of volumes or the end product pricing as well. However, as Siddharth mentioned earlier that China continues to be in a better position compared to the other geographies and there is some arbitrage in terms of the price increases.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

Got it. But we would not Be able to quantify that benefit that can that we should think of it when it comes to FY27 in terms of standalone business and just wanted your thoughts around what should be after reaching a thousand tons of health sales in Q4, what should be that number that we should think of as a target for FY27? And also I just missed out what should be the utilization that we are planning in HQ category for FY27 that we should think of.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

So Priyank, we don’t want to pencil into any like price hikes and what could be the guidance given. This is a very evolving situation as of now. However, as we have mentioned that in inflationary environment we stand to benefit. And that has been the case during FY23 as well. For HALS also, progressively quarter on quarter we have seen increasing momentum. Like eight quarters back we were doing around 350, 360 tonnes per quarter. Today we are doing over 1000 tonnes per quarter. So that momentum we see building and not only momentum but also the product portfolio. Now the higher grades of HALs have also added to the revenue and hence the margins are also seen better profile month a quarter on quarter.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

One last question on health. Again the backward integration that we have done or we are planning to do, I’m not sure, I’m confused around it that at T plant, pharma plant which we were having, we have converted into the intermediate which leads to backward integration for health. Right. So that leads to certain benefit. In terms of margins for us. What should be a revised state series, state optimal utilization level margins that earlier we were guiding for 25. What should be that revised number?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

No, we are not getting into such numbers. But yes, it will definitely help us improve our margins and supply positions. So our dependence on import will dramatically drop.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

So. Okay, got it. Siddharth, one last thing again on health, sorry. We read through that a large European player like Basav is expanding health capacity in China nor hals. Is there any possibility of we benefiting out of that in terms of contracting large volumes to their front end products? Is there any such kind of possibility that we should think of it?<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

No, not at the moment.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

So the total sales, whatever we have or we would do are the commercial sales not in terms of contract manufacturing but in terms of a final end to end sales to the consumers.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

Yes, right now we are focusing on distribution and end to end customers.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

Got it. Thank you Siddhartha.<\/p>\n

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

Thank you ladies and gentlemen. We will take that as a last question for today. I now hand the conference back to Mr. Saddat Sikhchi for closing comments. Over to you, sir.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

So thank you everybody for your time to understand the company and for our understanding. Our quarterly and 26 numbers. Appreciate your time. Thank you. S. Have a good one.<\/p>\n

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

Thank you very much on behalf of Clean Science and Technology Ltd. That concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.<\/p>\n

Siddharth Sikchi<\/strong><\/p>\n

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

Clean Science and Technology Limited (NSE: CLEAN) Q4 2026 Earnings Call dated May. 14, 2026 Corporate Participants: Siddharth Sikchi \u2014 Managing Director and Promoter Analysts: Sanjesh Jain \u2014 Analyst Abhijit Akella \u2014 Analyst Ankur Periwal \u2014 Analyst Arun Prasath \u2014 Analyst Unidentified Participant Priyank Chheda \u2014 Analyst Presentation: Operator Ladies and Gentlemen, good day and […]<\/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-182998","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":130734,"url":"https:\/\/alphastreet.com\/india\/clean-science-and-technology-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182998,"position":0},"title":"Clean Science and Technology Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 21, 2022","format":false,"excerpt":"https:\/\/youtu.be\/ypPK8LiNeOc Key highlights from Clean Science and Technology Limited (CLEAN) Q4 FY22 Earnings Concall \u00a0 Management Update: All geographies and segments grew on a very healthy background. 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