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Revenue
₹835 Cr
verified against source
Revenue YoY
-20%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Chemplast Sanmar reported a challenging Q3 FY26 with consolidated revenues of ₹835 crore (down 20% YoY) and a net loss of ₹119 crore, marking the most difficult quarter in three years. The suspension PVC segment faced a perfect storm: seasonal demand decline, weather-related production disruptions, and a sharp fall in import parity prices after the government rejected anti-dumping duty recommendations. Paste PVC also saw pricing pressure from EU imports. The custom manufacturing chemicals (CMCD) business was impacted by the agrochemical slowdown, though 17 products are now commercialized. Positively, China's withdrawal of the 13% export tax rebate on suspension PVC (effective April 2026) has improved market sentiment, with prices rising ₹7-8/kg in January-February. Management expects suspension PVC to break even at the PBT level by Q4. Key risks include further import surges before the April deadline and continued pricing pressure in caustic soda and chloromethane. The MD announced his resignation effective April 2026.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects suspension PVC to break even at the PBT level in February-March 2026, driven by price increases and discount rollbacks.
- The earlier target of ₹1,000 crore revenue from CMCD by FY27 is now expected by FY28, delayed by a few quarters due to slower ramp-up of new molecules.
- The 2 KTPA swing plant (converted from R22) will be commissioned by end of Q4 FY26, with commercial sales starting thereafter.
- Once all R32 units are operational, the first full year of production is expected to generate around ₹600 crore in revenue.
Risks flagged
- Chinese exporters may rush to ship PVC to India before the April 2026 deadline, temporarily increasing supply and pressuring prices.
- Global oversupply and new domestic capacity keep caustic soda prices rangebound, impacting value-added chemicals segment margins.
- The global agrochemical inventory correction and price pressure from Chinese generics are delaying new molecule launches, pushing the ₹1,000 crore revenue target to FY28.
- The final findings from DGTR are expected by Q4, but the finance ministry may not implement the duty, similar to the suspension PVC case.
Key quotes
- This has been the most challenging quarter in the last 3 years with multiple factors impacting our performance.
- We believe that Q3 represents the bottom of the PVC cycle with an uptrend being visible in January continuing into February.
- The withdrawal of the export tax rebate by the Chinese government... is a definite positive for the suspension PVC industry here in India.
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