Clean Science and Technology Limited — Q3 FY26
Clean Science reported a weak Q3 FY26 with consolidated revenue of ₹216 crore, down 21% YoY, driven by volume decline of 19% and pricing pressure of 2%.
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.
71%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Revenue expectations from two capex projects in FY27 and FY28.
Asked by Jason Swans, IDBI Capital
Provided specific revenue for PC1 but only vague timing for PC2.
only gave revenue for one projectdeferred revenue for second project to Q4
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Question
how much revenue do we expect these both these projects to generate in 27 and 28 just as a broad outline
Siddharth Sikchi (CEO)
performance chemical one ... at 100 or 80% capacity utilization we are looking at a revenue of 260 crores which was earlier 320 odd crores and performance chemical two ... we should only see revenues in Q4.
Partial answer
High priority
Volumes and realizations for HALS in FY26 and FY27.
Asked by Jason Swans, IDBI Capital
Provided current performance but avoided forward targets.
gave current data not forward guidanceno dollar realization target
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Question
how much volumes and realizations in dollars are we targeting for 26 and 27
Siddharth Sikchi (CEO)
this year we are already at 2,000 tons of volume for 9 months ... 55% growth in HA sales for this particular quarter ... blended portfolio realization for this quarter has been 425 rupees a kg.
Answered
Medium priority
Clarification on customer loss in cosmetic segment.
Asked by Jason Swans, IDBI Capital
Clearly identified the segment and reason for loss.
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Question
was it in the performance chemical segment or what segment was that
Siddharth Sikchi (CEO)
CG segment FMCG segment where a product called for map where we've lost a customer in China and due to secondary impact of tariff of our end customers in India they have lost their business in United States
Answered
High priority
Reason for MEHQ and BHA volume decline: Chinese competition or demand slowdown?
Asked by Sanjay Jen, ICICI Securities
Explained price decline due to Chinese competition in hydroquinone.
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Question
is it China which has got aggressive and hence we have seen MEHQ BHA volume decline or was it general demand slowdown
Siddharth Sikchi (CEO)
reason of price drop is because overall pricing of hydrokinon ... Chinese have lowered the prices of hydrokinon all-time low price ... we have no choice but to lower prices of MEHQ to compete.
Answered
High priority
Is MEHQ price decline already reflected in Q3 P&L?
Asked by Sanjay Jen, ICICI Securities
Confirmed price cut already reflected in Q3.
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Question
what you mentioning the price decline in MEHQ is it to hit our P&L or it's already there in Q3
Siddharth Sikchi (CEO)
It is already mentioned in Q3. So it's already we have already taken cut in Q3.
Evasive
Medium priority
Forward integration of MEHQ to BHA by Chinese competitors?
Asked by Sanjay Jen, ICICI Securities
Avoided giving a definitive assessment.
no clear answersaid 'not yet' but no commitment
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Question
we forward integrate MEHQ to make BHA. Can that be possibility in China as well now that they have started manufacturing MEHQ?
Siddharth Sikchi (CEO)
The possibility in China is very difficult to mention today. ... Not yet.
Partial answer
High priority
Revenue hit from lost Chinese customer and recoverability.
Asked by Sanjay Jen, ICICI Securities
Did not quantify the loss but gave a modeling suggestion.
declined to share specific revenue hitsuggested using current quarter as run rate
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Question
what is the revenue hit from the Chinese customer? ... how much should I take as a recurring loss and how much is recoupable
Siddharth Sikchi (CEO)
we are not comfortable sharing. ... it's safe to anchor that you can take probably this quarter as a run rate going forward
Answered
Medium priority
Captive demand for HQ and plans for catechol.
Asked by Sanjay Jen, ICICI Securities
Provided specific captive percentage and outlined plans for catechol.
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Question
how much will be captive demand for HQ for us? ... Catacol, what are we planning with that product?
Siddharth Sikchi (CEO)
we will be only using about 15 odd% for our own captive and the balance will be sold in the market. ... Catacol ... we are also talking to companies within India ... also started to export.
Declined
High priority
EBITDA margin guidance for consolidated level this year.
Asked by Sanjay Jen, ICICI Securities
Refused to provide margin guidance due to uncertainty.
deferred to next quarterno guidance given
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Question
40% EBITDA margin at console was something we were aspiring for ... we have hit 33 ... what should one look at an EBITDA margin for this year
Siddharth Sikchi (CEO)
it would be appropriate to wait for at least for a quarter to really understand where we stand so probably in the next quarter ... we can have this discussion
Answered
High priority
Volume vs price breakdown of revenue decline on QoQ and YoY basis.
Asked by Abija, Kotak Securities
Provided specific volume and price components of revenue decline.
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Question
volume versus price breakdown of the revenues this quarter if it's possible to share that please on a Q and Y basis
Siddharth Sikchi (CEO)
on Q basis the volume decline has so out of the 13% decline majority is by volume decline and on YI basis out of the 21% the volume decline is 19% whereas the price realization is 2%.
Answered
Medium priority
Sequential volume trajectory for HALS.
Asked by Abija, Kotak Securities
Provided specific sequential growth percentage and volume number.
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Question
on a sequential basis what would the volume trajectory have been like
Siddharth Sikchi (CEO)
on sequential basis we have witnessed 6% growth in volume. So this quarter we have almost crossed 800 tons in volumes almost 810 tons is the sales volume.
Answered
High priority
Geographic breakup of demand slowdown and demand outlook.
Asked by Ankur, Axis Capital
Explained domestic as postponed and international as tariff-driven, with specifics.
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Question
domestic demand slowdown probably was a bigger factor here ... any thoughts from a demand uptick both in international markets as well as on the domestic side
Siddharth Sikchi (CEO)
domestic ... these were just campaign related cycles ... the volume is not lost it is postponed. International ... decent decline closer to 15 16% in these markets ... because of tariff and global acrylic acid prices.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue from PC1 at 80% utilization: 260 crores | ₹260 cr | ₹220 cr | Overstated vs filing |
| HALS YoY growth: 55% | 55% | -21% | Overstated vs filing |
| Revenue decline QoQ: 13% | -13% | -21% | Overstated vs filing |
| Revenue decline YoY: 21% | -21% | -21% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.