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.
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.
67%Questions answered2Evaded / deflected12Questions audited
Partial answer
High priority
Trend in suspension PVC spreads and outlook for FY27
Asked by Sanjay Chen, ICC Security
Gave qualitative direction but no quantitative spread guidance for FY27.
no specific spread numberuncertainty about timing
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Question
how is the trend for the spread as we speak in the Q1... how should we expect the performance of SPVC in FY27?
Ganesh (Management)
we are looking at a spread which is at a neutral level on a replacement cost basis... we may get into a positive side... there could be uncertainties as we go into this quarter.
Answered
High priority
Growth outlook for specialty chemicals and R32 capacity
Asked by Sanjay Chen, ICC Security
Provided specific numbers on molecules and R32 capacity timeline.
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Question
How feel the speciality this year the growth versus the previous year... what does this 45 product mean? ... on the R32... by end of this year where do we see ourself in the R32 capacity?
Krishna (Management) and Ganesh
the 45 molecules includes 17 that are commercial... the outlook is strong... we are now on the verge of getting into the expansion... by the end of the year as committed earlier 14 KT capacity.
Partial answer
Medium priority
Update on CDMO pricing pressure and product pipeline
Asked by Ankur Pial, Access Capital
Explained delay but did not quantify pipeline progress or revenue impact.
no quantitative update on pipeline value
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Question
any updates in terms of given the current macro is there any revival given that pricing pressure would have eased a bit and how is the product pipeline looking?
Krishna (Management)
our model is innovators... we have not been impacted by what's been going on in the generic space... it's just a delay in terms of how those launches have been going on.
Partial answer
High priority
Timeline for reaching Rs 1,000 crore specialty revenue
Asked by Ankur Pial, Access Capital
Affirmed target but deferred timeline to 'hopefully next year' without specifics.
no firm timelineconditional language
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Question
from a ramp up perspective any timelines for that thousand odd crores revenue that we were looking at or we still sort of you know keep that number intact.
Krishna (Management)
we still keep that intact... hopefully next year we will be at that number based on what I have in the pipeline and the products we have commercialized we stand a good chance of getting there.
Answered
High priority
Will SPVC profitability remain under pressure until anti-dumping duty is implemented?
Asked by Ankur Pial, Access Capital
Confirmed profitability pressure until regulatory support, while noting other measures.
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Question
will that be the only way out for the business economics to be stabilized and till then we will have to be sort of you know the profitability will have to be slightly under pressure. Will that be a fair way to look at it?
Ganesh (Management)
as of today under the given circumstances yes but then there are other measures non-trade measures like QCOs... which will help us in the short to medium term.
Answered
High priority
Nature of Rs 150 crore exceptional item and Q1 outlook
Asked by Nikhil Gandhi, Bajaj Life Insurance
Explained nature of exceptional item and gave Q1 outlook.
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Question
just wanted to understand more on the exceptional item of that 150 crores which we have taken in and since we are expecting it in the reversal in part 27 the nature of it and how should we see the Q1 moving out from the exceptional item perspective.
CFO (Management)
this is the difference between the actual cost and the net salable value which we have provided as of 31st March and it's getting reversed during the current quarter... hopefully things improve post 30th June.
Evasive
High priority
Impairment loss on SPVC and expected improvement in FY27-28
Asked by Nikhil Gandhi, Bajaj Life Insurance
Did not answer whether improvement is expected; only explained impairment methodology.
no forward guidance on improvementdefers to future review
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Question
are we not expecting any meaningful improvement in the SPVC business for 27 and 28 considering this impairment loss of around close to 900 crores.
CFO (Management)
impairment is always done based on at a point in time what is your view... the best estimate has been used... if things improve over a period of time obviously this impairment will get reviewed.
Answered
High priority
Domestic SPVC demand, raw material sustainability, and anti-dumping filing status
Asked by Rohit Nagraj, 361 Capital
Addressed all three sub-questions with specific information.
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Question
how has been the domestic demand in the wake of the current volatility in prices... sustainability of our operations given that there has been challenges even from the raw material sourcing... have we filed for an application for anti-dumping?
Ganesh (Management)
demand has been muted... about percentage point below last year... we are constantly looking at different ways and means of mitigating this risk... we will be filing in the near future for the ADD.
Partial answer
Medium priority
R32 export strategy and timeline
Asked by Rohit Nagraj, 361 Capital
Acknowledged export strategy but gave no concrete details or milestones.
no specific partners namedno timeline for export ramp-up
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Question
what is the strategy that we are looking at from tapping the exports market? have we already started seeding it and how are we planning to do over the next one and a half two years?
Ganesh (Management)
the go to market strategy always considered a combination of domestic and export... we are working with a few partners... we should be able to crack this part of the puzzle.
Answered
Medium priority
Impact of anti-dumping duty and renewable energy JV on SPVC spreads
Asked by Madhurati, Counter Cyclical Investments
Clarified that JV does not affect SPVC spreads and gave current breakeven status.
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Question
how do we see the spreads improving with first the anti-dumping duty and second with the renewable energy JV that we have done with GSW?
Ganesh (Management)
the suspension PVC is not power intensive... that contract will more benefit the VAC business not the suspension PVC business... the current situation is reasonably volatile... we are breaking even.
Declined
Medium priority
Revenue potential from 17 LOIs in specialty chemicals
Asked by Madhurati, Counter Cyclical Investments
Explicitly declined to give revenue guidance on LOIs.
refused to provide revenue potential
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Question
what would be the revenue potential from the LOI of the 17 LOIs that we have currently?
Krishna (Management) and Ganesh
we would refrain from giving a guidance on what would come out of the LOI... we have signed LOI for six products... I would sort of refrain from giving a guidance on how the total volume value of business.
Answered
High priority
Mandate of the newly formed committee and future capex strategy
Asked by Jatin Takers, M3 Investment Private Limited
Clearly explained the committee's mandate to evaluate reorganization and value creation.
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Question
Is there any particular mandate that is being provided to the committee to look into from a more longer-term perspective?
Management (likely Ganesh or Krishna)
we thought it is important that we look at the business as a whole and see how best we can reorganize the business going forward and create value unlock value for all the stakeholders. That's the broad objective.