AG Ventures Ltd — Q3 FY26
AG Ventures reported Q3 FY26 total income of ₹114.6 crore, up 19% YoY, with EBITDA of ₹20.2 crore (+25% YoY) and PAT of ₹6.5 crore (+25% YoY).
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.
42%Questions answered5Evaded / deflected12Questions audited
Partial answer
High priority
How is the company passing on doubled sulfur prices and what is the strategy?
Asked by Adita Ketan, Smith Institutional Equities
Management gave qualitative strategy but no specific numbers on cost pass-through or margin impact.
no quantification of pass-throughvague on timing
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Question
when we look at the sulfur prices from August 2025 till date definitely the prices have doubled... how are we passing on this cost... what is the strategy because sulfur price isn't to seem to come down... how much the customers can absorb these sort of higher cost.
Management (unidentified)
The average price for Q3 was about 29 rupees. Current price is about 52 rupees... we have been able to pass some of it on in the domestic market not in the international market... we feel that it will be difficult for even the competition to absorb the price and they are bound to increase prices which should help us.
Partial answer
High priority
Any change in export outlook, especially US market, and volume increases?
Asked by Adita Ketan, Smith Institutional Equities
Management acknowledged tariff impact but gave no specific volume or margin numbers, only qualitative outlook.
no quantitative volume or margin impactdeferred to future
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Question
is there any change in outlook in exports market because you were targeting earlier the North American market... any sort of a increase in volumes we can see in US market and the Europe market... any change in strategy or any sort of higher volumes which can take our material utilization to higher levels?
Management (unidentified)
when the American tariff was increased we had to give deep discounts... since the tariffs have been rolled back significantly, so will our discounts be rolled back... our strategy vis-a-vis export market continues as before... we are looking at the export market with renewed vigor but as always it will take some time.
Partial answer
High priority
Quantify volume loss and discounting impact on EBITDA and top line from US tariffs.
Asked by Adita Ketan, Smith Institutional Equities
Management gave discount percentage but not volume loss or absolute EBITDA impact.
no volume loss numberonly discount percentage given
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Question
So during the quarter if you can give some quantitative idea like how much volumes we could have lost and how much discounting we could have taken potentially hitting EBITDA and top line. Can any sort of a quantitative number?
Management (unidentified)
when the tariffs have gone from 0 to 50%... to maintain the same price we have had to give discounts in the American market in the range of 25%.
Answered
High priority
Why are expenses lower and how will margins and volumes play out with sulfur prices?
Asked by Adita Ketan, Smith Institutional Equities
Management explained the expense anomaly and confirmed the ADD benefit was offset by sulfur prices.
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Question
during the quarter expenses also some materially they look lower... considering the today's financials position seems like the complete anti-dumping duty benefit has been taken away. How are you seeing like going ahead?
Management (unidentified)
in September 30 there was a one time expenditure on account of duty and also on account of duty pursuant to de-merger and also there is a sulfuric acid annual shutdown expenditure... the fact that the Chinese did not increase the price even though the raw material prices have increased have taken away the whole benefit of the anti-dumping duty.
Declined
High priority
Estimate the impact of US tariffs on EBITDA and recovery after removal.
Asked by Videsh Gandhi, Discover Capital
Management explicitly declined to provide quantitative impact on EBITDA.
refused to give numbersdeferred to internal calculations
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Question
I just want to understand how much would you estimate is the impact of this tariffs in the US and now that they've been removed what sort of an impact do we see in terms of EBITDA.
Management (unidentified)
it's very difficult to give out figures like that because these tariffs actually happened midway through the year... it will not be possible to give out numbers which will then correlate to the P&L.
Evasive
High priority
Is it safe to assume a couple hundred bps EBITDA margin enhancement in Q4 after tariff removal?
Asked by Videsh Gandhi, Discover Capital
Management corrected the tariff assumption but avoided answering the margin enhancement question.
corrected assumption but did not answer margin questiondeflected to tariff status
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Question
is it safe to assume that even at the existing prices of sulfur and the existing prices of product that we should see a reasonable amount of enhancement happening in Q4 given the tariffs have now gone away at least the next couple of hundred basis points in terms of EBITDA margin?
Management (unidentified)
I would like to make one clarification for everybody on this call. The tariffs have not gone away as yet. And we don't know which day the tariffs are going to go away.
Evasive
Medium priority
What is the approximate revenue from America and how significant is it?
Asked by Videsh Gandhi, Discover Capital
Management avoided giving any revenue share figure despite analyst pressing for a range.
refused to give percentageblamed product mix variability
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Question
how much is the approximate revenue from America? So that is something we cannot disclose but yes roughly in terms of are we talk about like 15 20% of revenues are we talk about 30% of revenues or is it an inconsequential how do we get some sense?
Management (unidentified)
the revenue that we have is an amalgam of sulfuric acid as well as of insoluble sulfur and this keeps the percentage keeps on changing... for me to say that this is so much percentage of the revenue is not something which will be correct.
Answered
High priority
Is the inability to pass on RM prices due to supply glut and how long before normalization?
Asked by Videsh Gandhi, Discover Capital
Management confirmed supply glut and provided capacity utilization data implying multi-year normalization.
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Question
is it part of the reason why we unable to pass on the higher RM prices because there's also a little bit of a supply glut where the supply is higher than demand... how long before that it normalizes?
Management (unidentified)
Yes. That is true. The current capacity utilization levels around the world are between 70 to 75%... if we think that 85% capacity utilization is a healthy capacity utilization. So we can do the math as to see how maybe four five years of this.
Partial answer
Medium priority
What is the current domestic realization compared to pre-ADD levels?
Asked by Anubhab Mukharji, Capital (unidentified)
Management gave the price increase from ADD but not the absolute current domestic price.
no exact current price givenonly delta provided
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Question
can you share like what is the current realization in the domestic market in India compared to like pre-ADD situation... before the ADD was implemented prices in India were below 900 per metric ton. So how like how is the current prices in the domestic market?
Management (unidentified)
the AD that was imposed was in the tune of about $300... at an average we were able to get increase in selling price in terms of rupees say around 200 plus minus dollars from that time.
Answered
Medium priority
Have there been any price increases in domestic market to pass on sulfur costs?
Asked by Anubhab Mukharji, Capital (unidentified)
Management confirmed partial price increases, consistent with earlier statements.
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Question
Has there been any price increases? Because I was reading that in the domestic market some players have taken a price hike to pass on sulfur price increase. Is that the case or that is not true?
Management (unidentified)
We have been able to get some increases with some tire companies but it is not consistent throughout but we have been able to get some increase but not to cover the whole price increase.
Evasive
Medium priority
Have you seen market share improvement in domestic market with ADD?
Asked by Anubhab Mukharji, Capital (unidentified)
Management declined to comment on market share now, deferring to June.
deferred to futureno current data provided
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Question
Have you seen any market share improvement in the domestic market with the help of ADD or like the import volumes are still at same value?
Management (unidentified)
it is very difficult to talk about market share on a short-term basis... please allow us time till June and we will come back and tell you whether we are seeing the market share increase.
Evasive
Medium priority
Quantify sulfuric acid contribution to EBITDA this quarter.
Asked by Madurati, Counter Cyclical Investments
Management refused to quantify sulfuric acid contribution despite analyst asking for a number.
no exact numbervague qualitative statement
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Question
can you quantify that out of the 20 KITa in this quarter, how much was the contribution from sulfuric acid?
Management (unidentified)
it is significant. Sulfuric acid has done well. So the contribution is significant. I will not be able to give you the exact number but it is better than what it has been previously.