{"id":183111,"date":"2026-05-15T06:25:32","date_gmt":"2026-05-15T10:25:32","guid":{"rendered":"https:\/\/alphastreet.com\/india\/shree-ganesh-remedies-ltd-sgrl-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T06:28:46","modified_gmt":"2026-05-15T10:28:46","slug":"shree-ganesh-remedies-ltd-sgrl-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/shree-ganesh-remedies-ltd-sgrl-q4-2026-earnings-call-transcript\/","title":{"rendered":"Shree Ganesh Remedies Ltd (SGRL) 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

Shree Ganesh Remedies Ltd (NSE: SGRL) Q4 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Abhishek Mehra<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Parth Kothia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Gunjan Kothia<\/strong> \u2014 Head of Business Development and Innovation<\/em><\/p>\n

Analysts:<\/h2>\n

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

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

Presentation:<\/h2>\n

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

Ladies and gentlemen, good day and welcome to the Shri Ganesh Remedies Limited Q4FY26 earnings conference call. As a reminder, all participant lines will remain 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 the operator by pressing Star then zero on your touchstone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr.<\/p>\n

Abhishek Mehra from TIL Advisors for opening remarks. Thank you. And over to you.<\/p>\n

Abhishek Mehra<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Good afternoon ladies and gentlemen and thank you for joining this Q4 and FY26 earnings conference call of Sri Ganeet MD Limited. The results and investor presentation have been uploaded on the Stock Exchange to take us through the results of the quarter and answer your questions. We have with us today Mr. Gundin Kothier, head of business development and innovation and Mr. Path Kothier, full time Director and Chief Financial Officer. We’ll be starting the call with a brief overview of the performance which will be followed by the Q and A session.<\/p>\n

I would like to remind you all that everything said in this call that reflects any outlook for the future which can be construed as a forward looking statement must be viewed in conjunction with the risks and uncertainty that the company faces. With that said, I’ll now hand over the call to Mr. Path Kothia for the opening remarks.<\/p>\n

Parth Kothia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Over to you sir.<\/p>\n

Abhishek Mehra<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Thank you Abhishek. Good afternoon ladies and gentlemen and very warm welcome to all of you joining us today on the quarter four FY26 and full year FY26 earnings conference call of Sri Ganesh Remedies Limited. Thank you for taking up the time to be with us this afternoon. Before I take you through the operational and strategic developments of the quarter and the year, allow me to briefly walk you through the financial performance quarter 4 of FY26. Our revenue from operations for the quarter stood at 33.20 crore as compared to 24.43 crore in Q4 of previous financial year and 21.11 crore in immediately preceding quarter.<\/p>\n

This translates to year on year growth of 36% and strong sequential growth of 57%. The sequential improvement in particular reflects the recovery from the deferred shipments we have spoken about in quarter three. FY26 commented along with the improved execution during the quarter, the EBITDA for the quarter excluding other income and exceptional Items stood at 11.37 crore against 9.88 crore in quarter four of previous year. And 6.73 crore in the previous quarter. This represents an year on year growth of 15% and a sharp sequential growth of 69%.<\/p>\n

The EBITDA margins for the quarter remained in 34.3% as compared to the 40.4% in quarter four and 31.9% in previous quarter. The profit after tax for the quarter stood at 6.27 crore as compared to 6.60 crore in quarter four of the previous year and 3.10 crore in the previous quarter. This represents a marginal year on year decline of 5% while doubling on the sequential basis with a growth of 103%. As we had communicated at the beginning of the financial year and we have consistently reiterated through our subsequent interactions with the Investor community, episode 26 was always and we want a year of consolidation for the company and the numbers in many ways reflect exactly that.<\/p>\n

The financial performance doesn’t pant out to the material growth on the full year basis and I want to be candid with you. However, FY26 was never designed as a year of aggressive top line expansion. It was a year of deliberate groundwork and on account of that I’m pleased to say it has been a productive year structurally and fundamentally. The business has become considerably stronger over the course of SR26. We have used the years to secure important approvals to advance our work on newer and more innovative molecules and to build up our capabilities as well as the capacities.<\/p>\n

Let me now share some of the key developments during the quarter and the year. I want to start with what I believe is the most significant update. I’m very pleased to share with you that we have made a strong progress on our grants engagement across the agrochemical, pharmaceutical and electronic applications. As you are aware, we have been working on active grants projects with customers in Europe and Japan. During quarter four FY26 we have successfully completed the pilot trial for this project.<\/p>\n

This is an important milestone for us and one that we have been working towards over several quarters. We will now move to the commercial trial stage of this molecule subject to the medical, customer and regulatory approvals. We expect to thereafter commence the commercial production. The cranks business has always been a center pillar for a long term strategy. The progress we have made with SaaS has given us that confidence that this segment will begin contributing in more visible manner in the years ahead.<\/p>\n

On the capacity front, I’m happy to confirm that our Block 7 expansion program is on track. We expect commercial Production from the Block 7 to commence in Quarter 2 of FY27 Block 7 has been successfully designed to support a pipeline of niche and application LED molecules, including the grants molecules I just spoke about. It will play an important role in next phase of our growth. Alongside Block 7, our pilot facility, which we commissioned earlier in the year, is now fully operational and has been instrumental in helping us accelerate new product development and respond more quickly to the specific customer requirements.<\/p>\n

The environment, frankly, has continued to remain challenging. The slowdown in Europe has persisted throughout the year. The ongoing war situation in different parts of the world has added further layers to uncertainty to the global trade landscape. The raw material presence have remained volatile which has placed pressure on procurement decisions across the industry and we have seen several of our customers defer the purchases as they themselves mitigate this uncertain environment. We have stayed focused on our long stage strategy of building a robust platform and growing a niche application where the competitive intensity is limited and the opportunity to differentiate is genuinely meaningful.<\/p>\n

I’m conscious that this approach may at times appear gradual, perhaps slower than what some of you might prefer to see, but we firmly believe it is the right path for the company. It is the path that will allow us to create a more sustainable and more profitable business over the long term rather than chasing growth in commoditizing the segments. The realizations are under structural pressure. Looking ahead, let me share briefly how we are thinking about the roadmap from here. FY27 should be the year in which the groundwork laid during the FY26 begins to translate into more visible business outcomes.<\/p>\n

With our pilot facility now fully active, the blocks are expected to commence commercial production in quarter two of FY27. With our grand projects transitioning from pilot trials to commercial trials and with a strengthened product development pipeline, we believe the company is structurally ready at any point in its recent history. We expect the momentum to gradually improve through the course of FY27 and we expect the quaint business in particular to begin gaining traction as the year progress.<\/p>\n

With that said, I would be happy to take your questions. Thank you,<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Arnav Nawalka from Traisolar Capital. Please go ahead.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Hi Parkin Bhajan. Thanks for the opportunity. So we’re fairly new in our journey of understanding the company. So just wanted to know in the broader realm of specialty chemicals<\/p>\n

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

And APIs, what chemistry exactly are you focusing on? What’s the percentage contribution to revenue? What are the use cases of these chemistries and then who are your main competitors in each of these chemistries and what exactly is your strategy to win against them?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Yes, so thank you for the question. For the chemistry wise. I think if you move over our published, you know, the corporate presentation and past, if you refer to the past earnings call, you mentioned that there are certain core chemistries that we have expertise on, so halogenation reduction and so on. There are multiple chemistries with which we operate our products in and based on those chemistries we get our product selection. So I would say chlorination is one of the core competencies that we practice and majority of our products which we do even today involves some other kind of product specs from the chlorination part.<\/p>\n

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

Understood. And in chlorination and what exactly is our competitive strategy against them?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So just for the competitors part it’s very, I would say there is no Apple to Apple comparison because the industry which we operate in, it’s a multi step product. So there involves more than 4 to 5 steps, up to 10 to 12 steps product which involves chlorination with additional to bid reduction and so on. So there is no company as such which we know of which does the same reaction. Every company has their own chemistries. They definitely, there are many companies in the industry which does the chlorine, which does the reduction.<\/p>\n

But we have their own expertise on and from our part as of now for some of the molecules which we practice in, there is no direct competition in India.<\/p>\n

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

Right. With that we have a second question. So we have spoken about specialty<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Chemicals to semiconductors and electron space in Japan, also about the agrochemical project in Europe. So if you could just help us size the revenue contribution of such, what you would say complex niche of kinds of trend molecules as a proportion of a current top line. And also given that we have a block 7 coming online in second half of FY27, so what is the realistic growth<\/p>\n

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

Expectation of such niche segments<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So<\/p>\n

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

To say over say next two to three years if you could give us a broad range.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So I think we have previously mentioned that we are doing a grants project that we have stopped giving the specific project wise because There are certain NDAs and CDA signed the customer. The outline which we can give is that all these products are significant in terms of revenue size and revenue portion from our side. So for the next three years we can see if all of them are commercialized. It will be significant amount from the existing revenue numbers<\/p>\n

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

Just with a knack of the figures. What is this say the revenue contribution on a top line about, about this niche chemistry that you’re working with as a whole?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Halogenation would be one of that. Yeah,<\/p>\n

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

Sorry,<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Halogenation is one of the. You are asking about the chemistry, right?<\/p>\n

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

In terms of the general revenue contribution of these chemistries.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Yeah.<\/p>\n

Parth Kothia<\/strong><\/p>\n

Yes. There is no as such fixed contribution of this chemistry is because we are not focusing on one chemistry as per se. So we practice more than 10 different chemistries and that is what the. That is the unique point of sgs. So when there is a customer who is looking for a toll manufacturing project that is to be done by an Indian partner which has an expertise over multiple chemistries, then we come into this picture. So as such we cannot define which chemistry is contributing highest to the revenue.<\/p>\n

But what we can say for sure is that there are three chemistries which are giving SGR and edge is halogenation, grignard and reduction. So these are the three main chemistries that we do. But in a nutshell we do more than 10 plus chemistries. So basically we are not promoting SGR as a chemistry narrow focus company, but we are doing multiple projects with multiple steps involved, with multiple chemistries involved. So we are basically promoting SGR as a multiple chemistry driven manufacturing partner, Indian manufacturing partner which you can rely on against the manufacturing done by the Chinese or the Japanese or the European companies.<\/p>\n

So we are focusing again I would say like we are not focusing just that we work with innovator or we work with generic. If the product fits our chemistry capabilities, if the product fits our margins, then we take those products. And because we have been focusing on the chemistry capabilities and developing new infrastructure according to the different chemistry capabilities to our strength, we have been receiving new projects that belongs to both either innovator or generic market.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Got it. My next question is if you could give the sense of the consolidated capacity utilization across Unit 1 today, across all the blocks and what is the peak utilization levels that we can attain? And also in terms of block 8, where are we.<\/p>\n

Parth Kothia<\/strong><\/p>\n

For the block 8? I would say the utilization is still at the same level what we have commented. It’s still not at its peak. I would say it’s still operating roughly at the 50% capacity. We would expect the Block 8 to utilize its full capacity by the end of this year. And in the meantime we also expect as Parth said in the speech, we expect the Block 7 to be also operational in this financial year. And all of our blocks are designed on a specific, specific chemistry. So the realization or the utilization go here and there.<\/p>\n

But overall, our utilization capacity, considering the new capacity being continuously added, it’s between 60 to 70%.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

60 to 70%. Is the consolidated utilization for the entire. No,<\/p>\n

Parth Kothia<\/strong><\/p>\n

Not 60% for the old consolidated, yes. With the 8 and 7 and the new blocks coming, we keep on pushing more and more chemistries and utilization. So it’s very hard to, I would say, comment on the utilization per block. We can mainly comment on the consolidated figures because every block supports each other.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Got it? Got it. So the last question is that I<\/p>\n

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

Would request you to please turn back the queue for follow up questions.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen, in the interest of time and fairness to others, we request you to restrict to one person and one follow up question for participants. We take the next question from the line of Yashvi from Molecule Ventures. Please go ahead.<\/p>\n

Yashvi<\/strong><\/p>\n

Hi, I’m audible.<\/p>\n

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

Yashmi, your audio is too low. Could you please use your handset?<\/p>\n

Yashvi<\/strong><\/p>\n

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

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

Yes, this is better. Please go ahead.<\/p>\n

Yashvi<\/strong><\/p>\n

Yeah. Hi, I wanted to ask, given the entire geopolitical volatility, I just wanted to understand the operating environment. So on the competitive intensity, which part of the portfolio has seen the sharpest pressure on generalization and on Europe, Are we witnessing any early signs of recovery in the inquiry level or order book or does the demand still look subdued<\/p>\n

Parth Kothia<\/strong><\/p>\n

On the geopolitical situation? Yashvi, we are facing the same issue as faced by all the chemical manufacturers because crude is the main raw material source for all the solvents that are used in the chemical manufacturing. So due to this reason, we have been heavily impacted across all our products. When talking about the customer scenario across Europe and other regions, the April has been quite cold because, you know, customers have been waiting to Waiting in what scenario? They were expecting that the situation would go back to normal.<\/p>\n

However, we see that situation is now slowly opening up because customer cannot wait for a longer time to place the order. So they have started placing orders for bits and pieces as per the requirement. But we cannot comment for sure how long the situation will continue or when will the customer be in a more comfortable position to place a longer term orders. But we also wait for a final call on the war situation and how this will impact the overall scenario. But having said that, yes, the war has affected to us in a similar manner as they have affected to other chemical industries.<\/p>\n

Yashvi<\/strong><\/p>\n

Okay. And on the raw material side, what proportion of the basket is import dependent? And how is this impacting your supply chain? And do we look at another softer quarter before block seven and the new cramp projects kicking<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

For the raw material side, I think I can take around 15% is raw material which is being imported. But of course the number changes depending on the pricing. So sometimes if we are able to get raw material from the domestic market, so depending on that 15 to 20%. What was the other question?<\/p>\n

Yashvi<\/strong><\/p>\n

So for the next quarter, are we looking at a softer quarter like before the Block 7 and the new projects kick in? As<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Mentioned earlier, we refrain from giving quarter to quarter commentary because like, but we can definitely project for the longer term business. So yeah.<\/p>\n

Yashvi<\/strong><\/p>\n

Okay. And my last question is on the margins front. So your FY26 EBITDA margins also has come to 32% which is again well above your stated benchmark range. So could you help us understand what has driven this performance? Is the contribution from commercialized grants project or a better product mix? And going forward, as new cramps projects begin to scale up over FY27 and 28, would it be reasonable to expect margins to sustain at these current elevated levels or do you view it still at 24 and 28%?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So for this margins I think better product mix was definitely aspect going forward as we have stated, like the normal margins which is sustainable for the longer term is in the range of 26 to 28%. But definitely we are more than happy for the initial time when there is a product approval from the grant side for the initial approval we can enjoy the higher margins. So that’s one of the reasons.<\/p>\n

Yashvi<\/strong><\/p>\n

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

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

Thank you. We take the next question from the line of Ankit Gupta from Bamboo Capital. Please go ahead.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Thanks for the opportunity. So on that, you know, on our, like if you can give an update on some of the orders that we won in the last one and a half years, they were supposed to commence operations. So if you can talk about first the Japanese. We had three products for which we had signed agreement with the Japanese partners. They were supposed to, you know, start operations in this financial year like small quantity in, you know, FY27. So like how do you see the ramp up happening there? And similarly on the European agrochemical product, like when is it like it was supposed to start this year for the, in the calendar year.<\/p>\n

So like what is the update for that and how<\/p>\n

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

Do you see the ramp up? And same for the European pharma innovative products?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Yeah, I think there’s a confusion. There’s no specific three products given with the Japanese market. But let me just comment. As for the timeline for the Japanese as well as European market I learned jointly it is going as per the schedule definitely for the European as well as Japanese there are some regulatory approvals take time. So it was expected and we have also successfully completed pilot scale and now the commercial scale has started. So the current project for those both of those countries are going as per the initial discussion and what we have planned for the scale up.<\/p>\n

So currently the commercial trials will start for that and then going forward once we get the approval from pilot side then the commercial production will start in the later half. Later half of this year.<\/p>\n

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

Okay. And for the other two projects, the agrochemical and for the European parameter, the advanced intermediate products that we were talking about in last financial year<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

That’s the same for also for the agro as well as for the pharma site and the electronic side same timeline has been going on.<\/p>\n

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

Basically the the scale up will largely happen from FY28 is what we should assume in all the all these projects or should we see significant ramp up this year or this financial year also?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

I think it definitely depends on the customers approval side as well. So it can go a quarter here or there but definitely we are looking for some positive approval in this year.<\/p>\n

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

Okay, so what you’re saying is even this financial year we should start seeing decent ramp up from this projects like of course quarterly variations can begin but<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So there is no major impact on this year but we will see some approval side. So currently where the pilot approvals are going on and the commercial price are starting we will see the firm commitment like we’ll see the firm thing from the commercial side for the approvals and<\/p>\n

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

You know like over the next two, three years when they ramp up will this, you know three products have a combined potential of let’s say 80 to 100 crore kind of toppings. Is that possible at full capacity whenever they ramp up<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

For the revenue side as I mentioned earlier, I think let’s just wait for all the products to get approval and then we’ll see. But we have refrained from giving gram specific revenue numbers. But it will definitely see it. Significant amount.<\/p>\n

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

Sure. And are we like on the domestic side we used to we had seen some significant decline in realization. So is that cycle behind us or we are still continuing to see pressure on our pricing<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

On the pricing side? Bundel can answer.<\/p>\n

Parth Kothia<\/strong><\/p>\n

So Ankit, we are mainly feeling the pressure in the domestic markets and the domestic the Old generic products. Because more and more players are entering into this field. And that was also one of our key reasons to change our business model since last four, five years. So going forward our main focus is to cater to the spectrum and the innovators and big players around Europe, Japan and other Asian countries. Definitely we are going to face some challenges with the domestic products and the margin realization.<\/p>\n

But that is not our key focus and that is not on our main table to focus on. Our main energy and focus is currently to help our partners across Europe, Japan and USA to commercialize the product at the earliest scale.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Sure. Last year was a year of consolidation despite your guidance of lower margins. We have still done pretty decent margins in this financial. But in terms of growth, do you think you know FY27 we can start seeing the growth that you know that. That we used to see in our earlier years and 26<\/p>\n

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

The worst is behind in terms of growth. And now we should be back on 15, 20% growth at least<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

I think so. There are certain aspects for this. One of key thing was that due to this global uncertainty of war and all the other geopolitical issues, the end product approval from the customers end is also an important part. So sometimes where the product from our end is approved to the customer, their end product which takes the government regulatory approval takes the time. So the product is definitely on the positive side. But three to six months is easily taken from any specific. So for example, the European government after this war is taking more time for the approvals for that specific product which we are planning on.<\/p>\n

And easily six months is getting stretched for that product approval. And sometimes on the pharma side more than one year is taken for the approval time which the product is definitely getting commercialized. But the approval time is stretched.<\/p>\n

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

Thank you. We take the next question from the line of Sanjay Kumar Salawagi who is an individual investor. Please go ahead.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

I wanted to ask when the company is getting listed on nsc. Could you please provide me the expected timeline. NNHC. Thank you. Sanjay Kumarji so for NSC we have planned internally but as of now there is no specific timeline or the guideline which we anticipate. I think currently we have listed on Bombay Stock Exchange and after discussion with board of directors we’ll definitely take up this question and decide thereafter. I just wanted ask this because NSE is quite a has big exchange so there will be much more volume in it.<\/p>\n

That’s why we are not intake right now. There is definitely plan but once we are in discussion with the board of directors Then we will plan for the thing. Okay, thank you. Thank you.<\/p>\n

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

Thank you. We take the next question from the line of Sajul Kapoor from anti fragile thinking. Please go ahead.<\/p>\n

Sajul Kapoor<\/strong><\/p>\n

Yeah, thanks for the opportunity. Hi team. When it comes to crams, there are many small molecule players in India let alone Asia, right? So in that context what capabilities does SGRL need to build over the next three to five years to sort of become materially more relevant to the global customers and increase the stickiness in the relationship? That’s my first question. Thank you.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

I think thanks for the question. But the one that you are referring to for the small molecules and APIs, we are not into that product category I would say so our grand projects are mostly based on the chemistry wise. So regardless of the end product segment, some of the products are on the agrochemical side. So there are certain chemistry, I think where the bigger companies are addressing the larger molecules from the industry, insecticides of the pesticides or the other agrochemical products. The one which we do a value addition to our customer is based on the multi chemistry and niche which is a new or tricky agrochemical intermediate or the active from the customer side.<\/p>\n

So I think that’s one of the things and other like the big players in this industry where CDMO and API players are doing so we are not into API players. So that’s why I think that’s a different segment where we don’t also operate compete with these bigger players. Our sector or sub segment would be in krm ksm. Some of the key intermediates are speciality chemicals. Right. Where there’s a new molecule which a customer wants to develop, that there’s only one manufacturer from the Japan side and there’s only one manufacturer from the China side then they want the additional manufacturer.<\/p>\n

So then as SGR comes in the picture.<\/p>\n

Sajul Kapoor<\/strong><\/p>\n

So assuming that you are pretty satisfied with the current capabilities that you have given the visibility you have in terms of the current and the prospect contracts etc. What is the biggest bottleneck today in converting the chemistry capability into commercial scale?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

You want to answer?<\/p>\n

Parth Kothia<\/strong><\/p>\n

Yes Mr. Kapoor. Currently I would say the bottlenecks in scaling up these products are the technologies that are used for manufacturing the products. When you try to manufacture something that is manufactured to the highest quality either in Japan or in China, there is something not only driven by chemistry but something is also driven by manufacturing technologies or some niche equipments. Having said that, we have already passed this hurdle and we are currently scaling up on a pilot or a commercial scale.<\/p>\n

So for us to get the Realization from our ongoing products. It’s just a matter of approval and registration timelines by the final customers or our end customers or their end customers. So we are quite consolidated and we are trying to consolidate further going down the line on our side to have us best technology for manufacturing the targeted products required by our spectrum or the high end customers. The main bottleneck is the regulatory approval and sometimes for example some of our customers, they wish to supply these products to either us or to Russia or to some other countries.<\/p>\n

But sometimes this war situation prolongs the registration or the submission of files. So geopolitical situation is affecting our approval timelines, our customers approval timeline simultaneously. But as such there is no bottleneck at SGR side at the moment.<\/p>\n

Sajul Kapoor<\/strong><\/p>\n

That’s wonderful. Thank you so much. Thank you and all the very best.<\/p>\n

Parth Kothia<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. We take the next question from the line of Ayush Agarwal from Maple Value Investing Fund. Please go ahead.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Yeah. Hi Gunjan and Path. Thanks for the opportunity. My first question is similar to what you know Ankit has asked earlier. The company has consolidated and for various reasons and we were quite focused on the crams business that we have. So we want to understand that you know, with the scale up now given that company has been in this 90 to 170 crore for the last four years with this cram scaling up, can it take us to a structural growth phase where you know, companies break out of this range and probably go above 200 and you know, basically sustains for the next two, three years and we don’t stop there again like we did in this last three, four years.<\/p>\n

Parth Kothia<\/strong><\/p>\n

Hi Ayesh, thank you for this question. So as we have been mentioning that currently the pilot approvals are ongoing. In last year the development was ongoing and R&D12s are ongoing. So I cannot comment on the figures but I can say for sure that in this year we are expecting for some commercial quantities for these projects. However, having said that we expect that our customer does finish the registration filing for their end product into the respective markets. And so from next year we are trying our best to break this the cage that we have stuck in around 120 as you said.<\/p>\n

But all I can say at the moment confidently is that all the commercial and pilot trials are ongoing and so we expect to see some growth from these products by the end of this financial year. But definitely in next year we expect these products to pick up subject to condition that our customers are able to finish their final registration in the respective countries of the finished products.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Understood? Correct.<\/p>\n

Gunjan Kothia<\/strong><\/p>\n

Second question is that in FY26<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

How much these plans actually contribute so that we can also see<\/p>\n

Gunjan Kothia<\/strong><\/p>\n

The paid business separately and according to you, how much can the base business?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So in FY26, Aish, there is no significant like because as mentioned, the pilots are ongoing. So from the revenue side only the one project which was ongoing has been still ongoing. But apart from that the new projects are still in the approval phase. Like I would say the pilot scale and the commercial scale which will go on for this year. So there is no significant, I would say percentage from the overall revenue.<\/p>\n

Gunjan Kothia<\/strong><\/p>\n

And the second part of that question is what do you think the base business can do like for the next 50 years?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

The base business is pretty much at the plateau. I would say there is no. Because these molecules which we operate in using generic market and it has been going on since last more than a decade. So I think the base business is a stable business.<\/p>\n

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

Why are we not increasing like product portfolio on that side while because, you know, cramps will be very lumpy and this will be a challenge going ahead also.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So for you mean the pharmacist?<\/p>\n

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

Yeah, or specialty chemical as well.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

I think so for this new project which we are going on, we have not selected specifically that we want to go into cramps or non cramps or pharma specialty. All the projects which we are working on currently or in the future are from the customers and only. So any new projects which we work with the customers, they only tend to give us the projects which is very much helpful because there’s a trust and history with the customer since long. So they know us the quality and supply chain and everything.<\/p>\n

We have also been audited and approved by them. So it’s much better for us in that aspect to engage on new projects, new molecules from them. Being said that we all like currently our pharma side as well as the special specialty chemical side, both are ongoing for the new projects selection as well as discussions and pipeline as well. Understood. My final question is that, you know, even on the gram side companies that we have seen at least on the listed side who have successfully scaled up their crams business, they have a very, very wide portfolio.<\/p>\n

And out of that, you know, maybe one or two products, sometimes three products click and those become the hero products. While what we understand is that our Krans project, those will still not be like a 100, 200 crore molecule. So when can we enter that phase in the France business? Where are we trying to target those molecules that can at you know, peak potential reach 100200<\/p>\n

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

Crore in potential. And how are we, you know, increasing the breadth in our portfolio.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So there are two things on this. First when we sign on a contract there is a revenue possibility and potential when the customers end product will go commercial. So there’s a projection from the customer and as well. But no one is able to say very firmly that this is revenue or the project take off with. You see from our end I think the project that which we have received is very well positioned and the industry as well. So sometimes when we gain the project eventually there the project picks up eventually because it goes into multiple industries.<\/p>\n

Sometimes that industry itself grows a lot. So depending on the end products, customers approval and their end product, the project increases. Definitely the project which we operate right now has a potential to grow. But there is no specific, we cannot pick and choose the crimes project when we only want above 100 crore projects. We can definitely increase the size of the projects like the total addressable market has increased I would say drastically from our own side where we were previously catering to the smaller size of products now the products which we are catering are of the mid size.<\/p>\n

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

All right, understood. Yeah, that<\/p>\n

Sajul Kapoor<\/strong><\/p>\n

Was it. Thank you.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you Participants, a reminder, if you wish to ask a question please press star and one. We take the next question from the line of Arnav Nawalka from Trisolar Capital. Please go ahead.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Hi. So you said that going forward focus will be on helping partners abroad commercialize their products. So is it fair to say that going forward you’re thinking of the<\/p>\n

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

Company mainly as a Krams company.<\/p>\n

Parth Kothia<\/strong><\/p>\n

So I know going forward we would like to position ourselves as a key manufacturing partner especially in specialty chemicals. So quams word we use mainly to meet public understanding like what is grams. But our main focus is on a spectrum followed by agrochemicals where we can realize our chemistry expertise to manufacture the bulk volumes and cater to the significant volume in the market. One thing we are quite clear on the SGR part is SGR is not going to be involved in any of the finish pharmaceutical products or small molecules.<\/p>\n

So SGR has no intention to enter into the Finnish formulations finished APIs in the pharma market. But SGR definitely wish to be a name in the spec chem manufacturing and as a reliable Indian manufacturing partner where any of the companies can collaborate to transfer the technology or develop the technology or scale up the processes. So what we are promoting, Asia is a key manufacturing partner for the SPECTM and agrochem where they have a chemistry driven background and chemistry Driven capabilities to manufacture those products that were never manufactured either in India or there is only one manufacturer in the world either in USA or China or Japan.<\/p>\n

So we position ourselves as a spectrum manufacturer, as an Indian spectrum manufacturer. Where they want the second reliable partner apart from their existing partners in the developed or developing countries.<\/p>\n

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

Understood? Understood. Thank you. Just another follow up on what my colleague had asked regarding peak utilization. So if you could just outline what the peak utilization could be on a console level.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So the utilization for the current financial year you’re asking?<\/p>\n

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

No, no. What it could be potential.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So. And we operate in the batch process. So it’s in the range of 80 to 85%. That’s the maximum it can go for the manufacturing operations.<\/p>\n

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

Understood. Thank<\/p>\n

Sajul Kapoor<\/strong><\/p>\n

You.<\/p>\n

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

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the next question from the line of Nagesh K. Who is an individual investor. Please go ahead.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Hello, my wife is Ardu.<\/p>\n

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

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

Abhishek Mehra<\/strong><\/p>\n

What is the reason to asset fund asset turnover ratio for a company. Sorry, repeat your question again.<\/p>\n

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

What is the summary utilization level?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

So the asset turnover you’re asking, it’s roughly around 1.8 to 2 from the asset.<\/p>\n

Parth Kothia<\/strong><\/p>\n

Okay, next question. Is there any development on Dahed planting manufacturing capex?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Yeah. So for the dahed expansion currently as we have mentioned previously as well in our investor presentation, the current phase of expansion which we are focusing on is in the recently acquired line in the uncle plant where the 7A was recently commissioned and it will commission in this coming year. The hedge plant is where the common utilities construction was started. It’s still in the construction phase and going forward once we get the enclosure unit fully utilized then we’ll go for the hedge plant expansion<\/p>\n

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

Roughly two<\/p>\n

Sajul Kapoor<\/strong><\/p>\n

Weeks from the down the line from we can expect from explanation from today<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

For the timeline you’re asking.<\/p>\n

Sajul Kapoor<\/strong><\/p>\n

Yeah, from today manufacturing capacity you are going to commercialize baby. Three years or three years. What is the timeline you’re expecting?<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Yeah, so I think we will start after one year. So it will take around 616 to 18 months to 20 months to get the new plant commission and up and running. So after that. Yes.<\/p>\n

Parth Kothia<\/strong><\/p>\n

Okay, final question regarding any<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

New<\/p>\n

Parth Kothia<\/strong><\/p>\n

R we got for new molecules there we got<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

One that we are having three molecules. One from pharma, one from casualtic engine, one from. Is there any new molecule you are working on that is really. It Again, so when we have even previously the grants project for the specific market but due to the certain restrictions from the customers and as well as for the competitive landscape. We have stopped giving a number of grants project that we are doing currently. There are multiple projects which are being ongoing, that’s all I can say. But once we gain some kind of traction from those, we definitely announce and give the public information for that.<\/p>\n

But three were the previous ones which you mentioned and there are multiples after that which we have going on. Thank you very much.<\/p>\n

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

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. As there are no further questions from the participants, I now hand the conference over to Mr. Pard Kotia for his closing comments.<\/p>\n

Abhishek Mehra<\/strong><\/p>\n

Thank you. Thank you everyone who joined us today. And to all of you who took time to engage with us through your questions. If any of your questions remain unanswered or if you wish to engage with us further, please do reach out to our investor relations team and we would be happy to address them. With that, I would like to thank you once again and I wish you a pleasant evening ahead. Thank you.<\/p>\n

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

Thank you on behalf of Shri Ganesh Remedies Limited. That concludes this conference call. Thank you 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. Shree Ganesh Remedies Ltd (NSE: SGRL) Q4 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Abhishek Mehra \u2014 Investor Relations Parth Kothia \u2014 Chief Financial Officer Gunjan Kothia \u2014 Head of Business Development 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-183111","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":130244,"url":"https:\/\/alphastreet.com\/india\/page-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":183111,"position":0},"title":"Page Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 27, 2022","format":false,"excerpt":"https:\/\/youtu.be\/pJ9mtrj_vD0 Key highlights from Page Industries Ltd (PAGEIND) Q4 FY22 Earnings Concall Q&A Highlights: Gaurav Jogani with Axis Capital asked about the price increase taken in 4Q, beyond the 8% price increase announced in Dec. 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