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Revenue
₹1,256 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
₹194 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. The specialty segment delivered strong performance with ₹475 crore revenue (+13% YoY) driven by paste PVC and custom manufacturing. However, the suspension PVC business (CCBL) remained under severe stress from Chinese dumping and geopolitical disruptions, leading to an impairment of ₹898 crore and a ₹150 crore provision for onerous contracts. Management highlighted that spreads are at breakeven levels and near-term outlook remains volatile pending regulatory support (ADD, duty restoration). The board formed a committee to explore strategic reorganization. Key risk: continued dumping from China and lack of regulatory relief could prolong losses in suspension PVC.
Colored figures show movement against the previous available record.
Guidance to track
- Commercial production of R32 refrigerant gas has commenced at the 2 KT swing plant. Expansion to 14,000 metric tons is expected by end of calendar year 2026, with design provisions for further debottlenecking.
- Management reiterated the medium-term revenue target of ₹1,000 crore for the custom manufactured chemicals business, though delayed by about 12 months due to agrochemical slowdown.
- Management expects the 7.5% customs duty on PVC, which was temporarily reduced, to be restored by end of June 2026, which would add approximately $70 per ton to realizations.
- A committee of three independent directors has been formed to examine strategic priorities, including potential reorganization and M&A opportunities, to enhance long-term stakeholder value.
Risks flagged
- 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.
- The 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.
- The 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.
- Management 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.
Key quotes
- The year was marked by persistent price pressures, excess global capacities, geopolitical disruptions, volatile feed stock and energy costs and continued dumping of suspension PVC and phase PVC into India from China, Europe and Japan.
- The board has constituted a committee of three independent directors to examine the strategic priorities for the company with a view to enhance the long-term value creation for stakeholders.
- We are reasonably confident of the allocation... I think the overall formula is we believe is for the country and we believe the recent circular also sort of highlights notification also highlights that.
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