CLEAN / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Clean Science and Technology · Analyst questions, management answers, and the quality of the response where the ledger is available.

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NegativeQ3-FY26 · 2026-02-07Back to quarter ↗

Questions audited

Answered directly

71%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Jason Swans · IDBI Capital

partial

Revenue expectations from two capex projects in FY27 and FY28.

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.

Jason Swans · IDBI Capital

partial

Volumes and realizations for HALS in FY26 and FY27.

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.

Jason Swans · IDBI Capital

direct

Clarification on customer loss in cosmetic segment.

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

Sanjay Jen · ICICI Securities

direct

Reason for MEHQ and BHA volume decline: Chinese competition or demand slowdown?

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.

Sanjay Jen · ICICI Securities

direct

Is MEHQ price decline already reflected in Q3 P&L?

It is already mentioned in Q3. So it's already we have already taken cut in Q3.

Sanjay Jen · ICICI Securities

evasive

Forward integration of MEHQ to BHA by Chinese competitors?

The possibility in China is very difficult to mention today. ... Not yet.

Sanjay Jen · ICICI Securities

partial

Revenue hit from lost Chinese customer and recoverability.

we are not comfortable sharing. ... it's safe to anchor that you can take probably this quarter as a run rate going forward

Sanjay Jen · ICICI Securities

direct

Captive demand for HQ and plans for catechol.

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.

Sanjay Jen · ICICI Securities

declined

EBITDA margin guidance for consolidated level this year.

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

Abija · Kotak Securities

direct

Volume vs price breakdown of revenue decline on QoQ and YoY basis.

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%.

Abija · Kotak Securities

direct

Sequential volume trajectory for HALS.

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.

Ankur · Axis Capital

direct

Geographic breakup of demand slowdown and demand outlook.

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.