Clean Science and Technology Ltd — Q4 FY26
Clean Science reported a resilient Q4 FY26 with consolidated revenue of ₹246 crore (+14% QoQ) and EBITDA margin of 33%.
neutral
medium
✓ 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 auditedContradictedNumbers vs filing
Partial answer
Medium priority
Requested segmental revenue breakdown for the quarter.
Asked by Sanjay Chin, ICIC Securities
Gave full year numbers but not quarter; promised to revert.
provided full year instead of quarterdeferred quarter data
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Question
can you help us with the segmental numbers? I think you used to give in the presentation that will be really useful.
Pratik (CFO)
performance segment contributed 72%. The second segment pharma agro 19% and FMCG balance 9%. This for full year. For quarter, I'll get back to you.
Partial answer
High priority
Impact of rising HQ prices on MEHQ competitiveness.
Asked by Sanjay Chin, ICIC Securities
Acknowledged benefit but did not quantify impact or market share change.
no quantificationvague on pricing power
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Question
how should we see the MEHQ competitiveness for us? The phenol price has also gone up but relatively do you think your position has strengthened?
Siddharth (CEO)
because of hydroquinone prices going up it definitely helps us in MEHQ but also with capacities in China not as impacted, we have to calibrate prices to balance positions.
Answered
High priority
Ability to pass on increased phenol prices in MEHQ.
Asked by Sanjay Chin, ICIC Securities
Clearly stated partial pass-through due to contracts.
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Question
what we are telling is that we are able to fully absorb the increased phenol prices or do you think that we are able to pass?
Siddharth (CEO)
We are able to pass some but wherever there has been long-term contracts in those cases we have not been able to pass.
Partial answer
High priority
Reason for sharp revenue increase in health subsidiary.
Asked by Sanjay Chin, ICIC Securities
Explained export growth but did not quantify sustainability or product mix.
no product-wise breakdownno volume numbers initially
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Question
very sharp increase in the revenue for health when we do consol minus standalone. Can you give us a color what led to sudden jump and how sustainable?
Siddharth (CEO)
This was a little delayed response. Exports have picked up dramatically. Today we stand at 50% domestic, 50% export. We are also selling expensive grades.
Answered
High priority
Health volume and export geographies.
Asked by Sanjay Chin, ICIC Securities
Provided volume and geography details.
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Question
What was the health volume? Because we were looking at like 250 metric ton per month. What is the...
Siddharth (CEO)
overall we did about over 1000 plus tons in this for the quarter. Export geographies: Europe, Middle East, United States.
Answered
High priority
Pricing competitiveness for health given rising acetone and ammonia.
Asked by Sanjay Chin, ICIC Securities
Gave specific EBITDA figure and explained partial pass-through.
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Question
how should we see the pricing competitiveness for us and ability to pass on in a market considering that we are a new kid on the block?
Siddharth (CEO)
quarter three we were EBITDA neutral in quarter four we made an EBITDA of 8 crores despite all prices shooting up. We are able to pass prices at some point not 100%.
Evasive
High priority
Outlook for FY27 revenue and EBITDA growth.
Asked by Sanjay Chin, ICIC Securities
Declined to provide any growth outlook, citing geopolitical uncertainty.
no guidance givenblamed macro uncertainty
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Question
how do we envisage FY27 panning out for us with health finding traction? How should we see the EBITDA and revenue growth in FY27?
Siddharth (CEO)
We are waiting for Chinese summit to end to understand crude oil positions. This is going to be a very tricky financial year for chemical industry.
Evasive
Medium priority
Whether Q4 health revenue is a base case for future.
Asked by Ankor, Access
Did not answer whether Q4 is a base; spoke generally about traction.
did not confirm base caseno quantitative outlook
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Question
would be fair to say that Q4 should be a base case revenue here for us and incrementally things should only improve?
Siddharth (CEO)
it's a combination of direct and distribution. In totality we are now known as a good supplier of health globally. A lot of inbound interest coming.
Answered
Medium priority
Timeline for water treatment product (performance chemical) capex.
Asked by Ankor, Access
Provided clear timeline for validation, commercial production, and ramp-up.
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Question
you did highlight push back in the water treatment product to September. If you can help the timelines of capex and revenue timelines.
Siddharth (CEO)
validation Q3, commercial production Q4, pick up FY28. It's a standard process.
Partial answer
High priority
Whether excess HQ capacity in China still pressuring MEHQ pricing.
Asked by Aron Prasad, Aendas Spar
Did not confirm if pressure is behind; said they are still using pricing tactics.
no clear yes/nono volume growth data
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Question
because of the excess HQ capacity last 3-4 months we were anticipating we need to compete hard in pricing. Is that part behind us?
Siddharth (CEO)
we are still trying to keep our market share. Wherever needed we are working on pricing tactics to keep our market share.
Answered
High priority
Why gross margins improved despite pricing pressure in MEHQ.
Asked by Aron Prasad, Aendas Spar
Provided specific RMC percentage and improvement, explaining margin resilience.
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Question
we have maintained the gross margin almost at 65 to 67% in standalone. What is happening on this plan?
Pratik (CFO)
in standalone the gross margins have improved. This quarter the RMC is 33% which is better compared to previous quarters by at least 2%.
Answered
Medium priority
Revenue breakdown by volume vs price for the quarter.
Asked by Adujit, Cortex Securities
Clearly stated growth was volume-led and quantified sequential growth.
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Question
the revenue breakdown in terms of volumes versus prices for this quarter gone by.
Pratik (CFO)
sequentially whatever growth we have seen around 8% that is largely volume led from a standalone perspective.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Health subsidiary EBITDA was 8 crores in Q4. | ₹8 cr | ₹96 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.