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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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.
high · management_commentaryThe 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.
high · analyst_questionThe 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.
medium · analyst_questionManagement 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.
medium · management_commentary