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What the record says.
Chaman Lal Setia Exports delivered a strong operational recovery in Q3 FY26, driven by a 55%+ volume surge in top-country exports and a 10-15% price hike across basmati categories. Management attributed the rebound to proactive sales efforts, lower procurement costs early in the season, and favorable rupee depreciation. The company is confident of achieving its ₹1,500 crore revenue guidance for FY26, with Q4 tracking well. New capacities at Mundra and Karnal are running at full utilization, and the company is exploring a rice-based tea product for diversification. A key risk is the volatility in paddy prices due to a 15-20% smaller crop, which could compress margins if procurement costs rise faster than selling prices.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated confidence in achieving ₹1,500 crore revenue for FY26, with Q4 expected to be strong.
- Management expects Q4 margins to remain at similar levels as Q3, assuming current pricing and cost trends continue.
- Planned investment in new packing machines and production upgrades to improve efficiency and quality.
Risks flagged
- A 15-20% smaller crop size could push procurement costs higher, squeezing margins if selling prices don't keep pace.
- Conflicts in Iran, Israel, and other regions could disrupt sales; management acknowledged the need to diversify into domestic market.
- Some competitors are selling at break-even or loss-making prices to gain market share, which could pressure pricing discipline.
Key quotes
- We have not hedged even I think 1 million I had hedged and I immediately sold without loss and profits total open.
- We are concerned with the money first. Wherever he says send, we will send.
- We cannot fully rely on the international market. We have to have support of Indian market.
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