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View Claim Ledger →Chemplast Sanmar Limited — Q4 FY26
Chemplast Sanmar reported Q4 FY26 consolidated revenue of ₹1,256 crore (+9% YoY) and EBITDA of ₹194 crore, but posted a net loss of ₹45 crore due to exceptional items.
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Chemplast Sanmar reported Q4 FY26 consolidated revenue of ₹1,256 crore (+9% YoY) and EBITDA of ₹194 crore, but posted a net loss of ₹45 crore due to exceptional items. The specialty segment delivered strong performance with ₹475 crore revenue (+13% YoY) driven by paste PVC and custom manufacturing. However, the suspension PVC business (CCBL) remained under severe stress from Chinese dumping and geopolitical disruptions, leading to an impairment of ₹898 crore and a ₹150 crore provision for onerous contracts. Management highlighted that spreads are at breakeven levels and near-term outlook remains volatile pending regulatory support (ADD, duty restoration). The board formed a committee to explore strategic reorganization. Key risk: continued dumping from China and lack of regulatory relief could prolong losses in suspension PVC.
केमप्लास्ट सनमार ने वित्त वर्ष 2026 की चौथी तिमाही में ₹1,256 करोड़ की कमाई की, जो पिछले साल से 9% ज्यादा है। कंपनी ने ₹194 करोड़ का परिचालन लाभ कमाया, लेकिन कुछ खास खर्चों के कारण ₹45 करोड़ का शुद्ध घाटा हुआ। स्पेशलिटी सेगमेंट (जैसे पेस्ट पीवीसी और कस्टम मैन्युफैक्चरिंग) ने ₹475 करोड़ की कमाई के साथ अच्छा प्रदर्शन किया। लेकिन सस्पेंशन पीवीसी कारोबार पर चीन से सस्ते आयात और भू-राजनीतिक समस्याओं का दबाव है, जिससे ₹898 करोड़ का नुकसान हुआ और ₹150 करोड़ का अतिरिक्त खर्च आया। प्रबंधन का कहना है कि मुनाफा बमुश्किल बराबर है और सरकारी मदद (जैसे एंटी-डंपिंग ड्यूटी) के बिना हालात अनिश्चित हैं। बोर्ड ने कंपनी को पुनर्गठित करने के लिए एक समिति बनाई है। मुख्य जोखिम: चीन से सस्ते आयात जारी रहे तो सस्पेंशन पीवीसी में घाटा बढ़ सकता है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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0 delivered, 0 close, 2 missed.
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Risk Intelligence
Continued Chinese dumping of suspension PVC
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Transcript
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Read Transcript →Quarter Snapshot
Specialty segment revenue
₹475 Cr
+13% YoY
Specialty chemicals revenue grew 13% year-on-year, driven by paste PVC and custom manufacturing.
Paste PVC volume growth
17%
+17% YoY
Paste PVC sales volumes increased 17% YoY, supported by footwear, automotive, and upholstery demand.
Suspension PVC revenue
₹661 Cr
+18% YoY
Suspension PVC revenue grew 18% YoY to ₹661 crore, but margins remain under severe pressure.
Custom manufacturing pipeline
45+ molecules
N/A
45+ molecules are in various stages of development, with 17 already commercialized.
What Changed vs Last Quarter
NEW
R32 capacity target of 14 KT by end of calendar year 2026
Commercial production of R32 refrigerant gas has commenced at the 2 KT swing plant. Expansion to 14,000 metric tons is expected by end of calendar year 2026, with design provisions for further debottlenecking.
NEW
Expectation of 7.5% customs duty restoration on PVC by end of June 2026
Management expects the 7.5% customs duty on PVC, which was temporarily reduced, to be restored by end of June 2026, which would add approximately $70 per ton to realizations.
NEW
Board committee to evaluate strategic reorganization and M&A
A committee of three independent directors has been formed to examine strategic priorities, including potential reorganization and M&A opportunities, to enhance long-term stakeholder value.
UPDATED
Custom manufacturing revenue target of ₹1,000 crore
Management reiterated the medium-term revenue target of ₹1,000 crore for the custom manufactured chemicals business, though delayed by about 12 months due to agrochemical slowdown.
DROPPED
Suspension PVC break-even at PBT level by Q4 FY26
Management expects suspension PVC to break even at the PBT level in February-March 2026, driven by price increases and discount rollbacks.
DROPPED
R32 swing plant commissioning by end of Q4 FY26
The 2 KTPA swing plant (converted from R22) will be commissioned by end of Q4 FY26, with commercial sales starting thereafter.
DROPPED
R32 full-year revenue of ~₹600 crore post ramp-up
Once all R32 units are operational, the first full year of production is expected to generate around ₹600 crore in revenue.
NEW RISK
Continued Chinese dumping of suspension PVC
Chinese carbide PVC continues to flood Indian markets at low prices, keeping spreads at breakeven levels. Regulatory support (ADD, QCO) has not materialized, and the 7.5% duty reduction further pressures margins.
NEW RISK
Geopolitical disruptions and VCM supply uncertainty
The Middle East war has caused acute shortage of naphtha and ethylene, spiking VCM prices and disrupting feedstock supply. While the team secured short-term supply, long-term feedstock security remains a concern.
NEW RISK
R32 quota allocation risk
The company is building significant R32 capacity (14 KT) without confirmed government quota allocation under the Kigali Amendment. Quota clarity is expected only by 2027, posing a risk if allocations are lower than expected.
NEW RISK
Onerous contracts may impact Q1 FY27 profitability
Management indicated that a few more onerous contracts will hit production in May-June 2026, potentially leading to negative contributions in the near term despite the ₹150 crore provision reversal.
RISK GONE
Potential import surge before China's export tax rebate withdrawal
Chinese exporters may rush to ship PVC to India before the April 2026 deadline, temporarily increasing supply and pressuring prices.
RISK GONE
Continued pricing pressure in caustic soda and chloromethane
Global oversupply and new domestic capacity keep caustic soda prices rangebound, impacting value-added chemicals segment margins.
RISK GONE
Agrochemical slowdown delaying CMCD ramp-up
The global agrochemical inventory correction and price pressure from Chinese generics are delaying new molecule launches, pushing the ₹1,000 crore revenue target to FY28.
RISK GONE
Uncertainty over anti-dumping duty on paste PVC from EU/Japan
The final findings from DGTR are expected by Q4, but the finance ministry may not implement the duty, similar to the suspension PVC case.
Fast read
Guidance and risk preview
Commercial production of R32 refrigerant gas has commenced at the 2 KT swing plant.
Chinese carbide PVC continues to flood Indian markets at low prices, keeping spreads at breakeven levels.
View Risks →