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Sustained Chinese dumping in nylon filament yarn
View Risks →Century Enka Limited — Q3 FY26
Century Enka's Q2 FY26 revenue declined 24% YoY to ₹409 crore, impacted by subdued demand and cheap Chinese imports in both tire cord fabric and nylon filament yarn segments.
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Century Enka's Q2 FY26 revenue declined 24% YoY to ₹409 crore, impacted by subdued demand and cheap Chinese imports in both tire cord fabric and nylon filament yarn segments. EBITDA fell 17% YoY to ₹32 crore, though margins improved sequentially to 7.73% due to lower caprolactam prices and a favorable product mix shift toward value-added yarns (now >35% of portfolio). PAT rose 4% YoY to ₹22 crore, aided by inventory management and cost controls. Management expects H2 recovery driven by GST cuts on tires, festive demand, and potential anti-dumping duties on nylon filament yarn (decision expected by December). Commercial supplies of polyester tire cord fabric (PTCF) are slated for Q4. Key risk: sustained Chinese dumping and geopolitical uncertainties could delay volume recovery.
सेंचुरी एंका की दूसरी तिमाही में कमाई 24% घटकर 409 करोड़ रुपये रह गई। इसकी वजह कम मांग और चीन से सस्ता आयात है। कंपनी का मुनाफा (EBITDA) 17% घटकर 32 करोड़ रुपये हुआ, लेकिन कच्चे माल की कम कीमत और अच्छे उत्पादों पर जोर देने से मार्जिन 7.73% तक सुधरा। शुद्ध मुनाफा (PAT) 4% बढ़कर 22 करोड़ रुपये हुआ, जिसमें स्टॉक प्रबंधन और लागत नियंत्रण से मदद मिली। कंपनी को उम्मीद है कि टायरों पर जीएसटी कटौती, त्योहारी मांग और नायलॉन पर संभावित एंटी-डंपिंग शुल्क (दिसंबर तक फैसला) से दूसरी छमाही में कारोबार सुधरेगा। पॉलिएस्टर टायर कॉर्ड की आपूर्ति चौथी तिमाही में शुरू होगी। जोखिम: चीन से सस्ता आयात और भू-राजनीतिक अनिश्चितता।
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Read Transcript →Quarter Snapshot
Total Sales Volume (H1 FY26)
34,992 MT
-14% YoY
H1 volumes declined due to weak demand in tire cord and filament segments.
Value-Added Products Share in NFY
>35%
Increasing
Value-added products now over 35% of nylon filament yarn portfolio, targeting >50% in 2-3 years.
Caprolactam Price (Q2 FY26)
$1,200/ton
Near historical lows
Caprolactam prices declined to record lows, but pace of decline has moderated; management sees bottom.
Imports Share of Domestic NFY Demand
30-35%
Doubled YoY
Imports surged to 30-35% of domestic demand, up from normal 15-20%, driven by Chinese oversupply.
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Guidance and risk preview
Polyester tire cord fabric approvals progressing; commercial supplies expected to begin in Q4 FY26.
Imports from China have doubled YoY, pressuring margins on commodity products; anti-dumping duty outcome uncertain.
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