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Revenue
₹733 Cr
verification pending
Revenue YoY
11%
reported change
EBITDA
₹80 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ddev Plastiks reported Q3 FY26 revenue of ₹733 crore (+11% YoY) with EBITDA margin of 11% and PAT of ₹48 crore (7% margin). Growth was driven by sustained demand in wire & cable and higher average selling prices. Exports grew to ₹196 crore (27% of revenue). Management announced a new BESS manufacturing venture with ₹150 crore capex for a 5 GWh plant, targeting ₹800-900 crore revenue per GWh. Existing capacity expanded to 2,68,400 MTPA with new HFR and PVC lines. Guidance: FY30 revenue target of ₹5,000 crore remains, with BESS contributing from H2 FY27. Risk: Working capital intensity in BESS and potential margin pressure from new entrants.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed the target of ₹5,000 crore revenue by FY30, with 20-25% from exports, driven by core compounding business.
- First GWh of BESS capacity expected to generate ₹800-900 crore revenue, with full year contribution from FY28.
- Phase 1 capex of ₹150 crore entirely funded through internal accruals for 5 GWh plant, operational from H2 FY27.
- Expected total volume for FY26 to be 200-205k metric tons, implying >70% capacity utilization on expanded base.
Risks flagged
- BESS business requires high working capital for procurement of cells and components, though management expects 60-75 day cycles initially.
- Multiple players like JSW and Page Digit are entering BESS, which could pressure realizations, though management cites complexity as a moat.
- Large customers like Adani and Ultratech may backward integrate into PVC compounding, potentially reducing demand for Ddev's commodity PVC.
- Export growth faced headwinds from US tariff uncertainties and global disruptions, though management sees resolution improving outlook.
Key quotes
- We are the only company in India holding means having the right product for that application and also having the US certification.
- We are not just only to have starting only manufacturing assembly line. We ensure that the reliability of products because the battery energy storage system life is more than 15 years.
- Our first objective priority remains the compounding industry where we are already expanding. After which whatever excess cash is available with us, we are planning to get into this new business.
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