Chemplast Sanmar Limited — Q3 FY26
Chemplast Sanmar reported a challenging Q3 FY26 with consolidated revenues of ₹835 crore (down 20% YoY) and a net loss of ₹119 crore, marking the most difficult quarter in three...
bearish
high
✓ 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.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
R32 swing plant operational timeline and target markets
Asked by Rohit Nagaraj, 361 capital
Management gave specific capacity, timeline, and market split for R32.
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Question
So you mentioned that the swing plant will be operational by the end of this quarter. So is it possible for us to operate the plant at its optimal capacity throughout FY27 and which are the markets that we are targeting for R32?
Management
The swing plant would have a capacity of around 2 KT and that should come in by the end of this quarter. It will have some ramp up period. ... This 2K should be we should be selling it in the domestic market. But once we have the full 14 KT online next year that would be a mix of domestic and exports.
Partial answer
High priority
CMCD agrochemical slowdown and revenue guidance delay
Asked by Rohit Nagaraj, 361 capital
Acknowledged delay but gave no concrete timeline for recovery beyond FY28.
no specific timeline for recoveryvague on further delays
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Question
In terms of setback is it going to be still a short-term setback on the agrochemicals and we expect that FY28 things should again come back to a large part to normalized business our earlier guidance of thousand crores for FY27 has been postponed by a couple of quarters is there any possibility of that getting further stretched?
Krishna
The global market remains mixed. ... we see this impacting in the near term but not in the long term. ... from a guidance standpoint we are still comfortable ... we don't see any significant issues in realizing that by FY 2728.
Evasive
High priority
MIP timeline and ADD filing status for PVC
Asked by Pujan Sha, Molecule Ventures
Management avoided giving a specific timeline for MIP or ADD decision.
no timeline givendeferred to future
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Question
How much tenure we have been looking in terms of government that they will allow us a leeway for MIP and are we filing any ADD refiling the ADD or we are still in the deciding mode?
Management
MIP is traditionally a short-term measure which can be up to a year. ... the industry is looking at certain other longer-term measures ... we are confident that one of those will move ahead in the coming months. ... we'll be able to give you better details in a few weeks.
Evasive
Medium priority
R32 break-even price and sustainable margin
Asked by Pujan Sha, Molecule Ventures
Did not provide a break-even price or margin, only a vague timeframe.
no specific price givenvague timeframe
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Question
If we want to understand a break even point at which we have been able to sustainably generate at least a flat EBITDA margin. So what would be the break even price?
Management
We are very confident that this is a very short term break even for this project. We believe that it will not extend beyond a couple of years.
Answered
High priority
Impact of China's export tax rebate withdrawal on PVC
Asked by Pujan Sha, Molecule Ventures
Addressed the risk of pre-April dumping and gave current price trends.
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Question
Do you feel that in a short-term like Feb March there would be a dumping effect which can be seen due to low prices ... and then eventually it will reset to a new pricing?
Management
The possibility definitely is there. ... what we are seeing is that the prices have only gone up in January and it continues to go up in February ... we believe that it is manageable especially given the fact that the demand has come back strongly.
Partial answer
Medium priority
Fundraising plans and break-even prices for PVC
Asked by Nick Hill Gandhi, Bajage Life Insurance
Gave contribution margin range for SPVC but not a break-even price for PSBC.
no specific break-even price for PSBC
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Question
Should we expect any kind of fundraising in the form of equity or debt in the next one two years? ... at what price should we expect break even for SPVC as well as for PSBC?
Management
As far equity raising is concerned we don't have any plans as of now. ... the break even actually we look at it more from the contribution ... that generally varies between somewhere around 11 to 12,000 rupees per ton.
Evasive
Medium priority
Price increase needed for SPVC to break even at EBITDA level
Asked by J from Dalal and Rocha, Dalal and Rocha
Did not quantify the additional price increase needed for EBITDA breakeven.
no specific price increase givenreframed the question
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Question
How much more price increases we will require now to break even at the EBITDA level?
Management
When we said the break even we were talking about the PBT level not contribution level. ... you would need to get a decent return on the investment you would need to earn more. So this is really at the break even level but this is the first step.
Answered
Medium priority
EDC price trends and spread between PVC and VCM
Asked by Bat, Quest Investment Advisor Private Limited
Provided specific EDC prices and spread between VCM and PVC.
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Question
Can you give some more color on EDC price which is a pit to how much it has increased and how are we seeing the availability and demand scenario?
Management
EDC prices have been at around less than $200 right now. ... from around $225 in April to $194 by end of January. ... the spread between VCM and PVC suspension PVC right now is around $200.
Answered
High priority
PVC demand trends and CMCD revenue target delay
Asked by Bat, Quest Investment Advisor Private Limited
Confirmed demand recovery and inventory correction, though price pressure persists.
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Question
Are we seeing some bottoming out of that inventory earlier which was piled up the stocking as well as the new launches is bottomed it out and we are seeing any uptick?
Krishna
The demand is starting to take off. So that inventory correction as you pointed out it's behind. However the price pressure continues in terms of some very high capacity of generic manufacturing put up in China.
Answered
Medium priority
PVC capacity rationalization beyond Westlake
Asked by Kiran Kard, Nights Capital Management LLP
Provided specific examples of shutdowns and potential rationalization.
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Question
Apart from Westlake Corporation rationalizing some PVC capacity, are you observing any more shutdowns?
Management
We did see some rationalization that has happened in Europe. There was one Netherlands plant at around 230,000 tons that shut down towards the end of last year. ... in China ... there could be an acceleration of rationalization of the carbide PVC capacity.
Partial answer
Medium priority
Impact of EU FTA on Chemplast's business
Asked by Pranit, Samatwa
Gave qualitative positives but no concrete numbers or timeline.
no specific quantificationuncertain impact
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Question
In terms of the new FTA with the European Union, do we see any green shoots from this or do we see any negative factors?
Management
The detailed schedules are yet to be released. ... if assuming that the auto imports into India increase ... that could result in some positive demand pull in the market on suspension PVC ... on CMCD ... there should be some benefit there as well.
Answered
Medium priority
Caustic soda price outlook and R32 quota explanation
Asked by Pujan Sha, Molecule Ventures
Provided current price range and outlook for caustic soda.
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Question
Do you feel that the price will remain range bound over here on due to the scenario of already having a surplus capacity?
Management
Prices are rangebound right now as we are at anywhere between 30 to 34 rupees per ton. ... we expect would remain rangebound. We'll have to wait and see once the new capacities start coming.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| R32 first full year revenue ~600 crores | ₹600 cr | ₹835 cr | Understated vs filing |
| Paste PVC demand up 8% YoY in 9M | 8% | -20% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.