20 Microns Limited — Q4 FY26
20 Microns reported a strong Q4 FY26 with revenue growth of 14.8% YoY to ₹954 crore for the full year, driven by demand recovery in paints, polymers, and rubber.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
59%Questions answered2Evaded / deflected11Questions auditedMixedNumbers vs filing
Answered
High priority
How will the 100 cr capex be funded? Equity vs debt?
Asked by Amit Mahendale
Management gave a specific debt-equity ratio for Malaysian capex and mentioned internal accruals for domestic.
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Question
How do you plan to fund the 100 cr capex? How much equity to debt?
Nihad Baluch (Management)
largely for our domestic plans, the capex would be in form of the internal approvals whereas for Malaysian entity we are planning to have a ratio around 70 to 30 that is 30% debt.
Partial answer
High priority
What drove the sharp revenue recovery in Q4 FY26?
Management gave qualitative reasons but no quantitative breakdown of drivers.
no specific numbersqualitative only
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Question
We witnessed the sharp recovery in revenue growth during Q4 FY26. what were the key drivers behind this growth?
Management (unclear which person)
since January of 2026 we saw an upward trend in terms of the demand coming back... and with the war situation many people tried to build up on the capacity... that led to an upscale demand...
Answered
Medium priority
What percentage of raw material comes from own mines?
Asked by Manish Gupta
Management gave a clear percentage split.
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Question
I understand that 20 microns owns certain mines. How much of company's raw material requirement is met from these mines?
Management (unclear which person)
approximately about 30% of our total raw material requirement comes from the mines and 70% comes from external sources.
Partial answer
Medium priority
Explain new product contribution and future outlook.
Asked by Janisha
Management listed products but did not quantify past contribution or future targets.
no specific contribution percentagequalitative only
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Question
explain new product introduced positioning and contribution in past two years and likely contribution in next three years.
Management (unclear which person)
we launch about 35 to 40 different products yearly... recently we have launched delaminated kaolins for the rubber industry... anti-blocking agents... specialized calcium carbonates for oral care...
Answered
Low priority
Are you facing fuel gas shortage affecting production?
Asked by Prashant Khalen
Management directly stated no production impact currently.
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Question
Are you facing any shortage of fuel gas? Is it affecting production?
Management (unclear which person)
it's not affecting production as of now. We definitely are facing a lot of issues in terms of the gas or the fuels... but our teams are efficient enough managing those tough situations...
Evasive
High priority
Can we expect 100 cr PAT in FY27 given guidance?
Asked by Ravi Kant Manim
Management avoided giving a specific PAT target, citing uncertainty.
no direct answerdeferred to future
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Question
in the presentation it is mentioned that revenue will grow 18% CAGR growth with margins expanding 200 to 250 basis points. So can we expect 100 cr pat in FY 2027?
Management (unclear which person)
it's very difficult to predict as of now because of the current situations... if we go forward with those plans at the pace and the timelines... then definitely we expect that whatever commitments that we have shown in the presentation would be achievable.
Answered
High priority
Timelines and expected return on new capex?
Asked by Amit Maheshwari
Management gave a timeline (FY30) and ROC target (20%).
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Question
Can you throw some light on expected completion timelines for the new capex and what is the expected return on capital management estimates these projects would deliver?
Nihad Baluch (Management)
the timelines what we have driven in our capex plan is by FY30 that we'll be completing most of our projects... Whereas we are expecting ROC around 20% in case by FY30 if the things in the projects are timely being delivered.
Partial answer
High priority
What gives confidence for 18% CAGR and margin improvement?
Asked by Janisha
Management gave qualitative reasons but no concrete data to support confidence.
no specific evidencequalitative only
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Question
What brings confidence for 18% CAGR revenue growth and 2 to 2.5% margin improvement in spite of challenging environment...
Management (unclear which person)
with the 100 crore capex... and the kind of products that are lined up in the R&D... advanced nanosized materials... high value items contributing towards the top line that will definitely be impacting the overall bottom line...
Answered
High priority
When will strategic initiatives (Seabbert, Dofner, Malaysia) contribute?
Asked by Kunal Bhya
Management gave specific timelines for each initiative.
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Question
You have made several strategic moves recently... Could you help us understand when these initiatives are expected to start meaningfully contribute to consolidated earnings?
Management (unclear which person)
Dofner has already... contributing... Seabbert... real outcome would be possibly by the end of the financial year... For Malaysian operation... within the next 12 months... early next financial year is when we are expecting the Malaysian operations to show some light.
Partial answer
Medium priority
Demand environment and contract structure?
Asked by Kunal Bhya
Management gave qualitative demand outlook but no quantitative contract split.
no specific contract breakdownqualitative demand view
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Question
how are you reading the demand environment across your key end user industries... how are the contracts structured in terms of cost pass through...
Management (unclear which person)
we are not bound by any particular contracts... we have a mutual understanding... demand to be very volatile... apart from paints... plastics and rubber and inks and construction chemicals is something that we are quite robust on...
Partial answer
Medium priority
How is construction chemical segment shaping up?
Asked by Hardik K
Management gave qualitative optimism but no quantitative data.
no specific revenue or growth numbers
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Question
how is the construction chemical segment shaping since many are B2C products? Is any of our products gaining popularity...
Management (unclear which person)
we are in both B2B and B2C... we have launched quite a lot of products in the past two years... we see a lot of potential in the next 3 to 5 years...
Evasive
High priority
Why was FY27 guidance withdrawn? What is expectation?
Asked by Janisha
Management declined to give FY27 guidance, only mentioned hope to cross 1000 cr.
no guidance givendeferred to second half
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Question
You have generally been guiding for annual performance... Why have you withdrawn this for FY27? What is the expectation in FY27 on revenue and margins...
Management (unclear which person)
we don't find it suitable enough to give any kind of a broader picture... we expect that at least if things improve... in the second half we'll see the growth... to cross the thousand cr benchmark hopefully in this financial year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth 14.8% YoY in Q4 FY26 | 14.8% | 14.8% | Matches filing |
| EBITDA margin stable at about 12% | 12% | 12% | Matches filing |
| EBITDA grew 9.6% YoY to 31.8 cr | ₹31.8 cr | ₹123 cr | Understated vs filing |
| PAT grew 15.6% YoY and 17.6% sequentially | 15.6% | 15.6% | Matches filing |
| Full year revenue crossed 953 cr | ₹953 cr | ₹261 cr | Overstated vs filing |
| Full year EBITDA margin stable at 12.9% | 12.9% | 12% | Overstated vs filing |
| Revenue CAGR ~12% over five years | 12% | 14.8% | Understated vs filing |
| PAT CAGR ~14% over five years | 14% | 15.6% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.