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Revenue
Pending
verification pending
Revenue YoY
13%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
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Where this quarter sits.
Quarter read
What the record says.
Ddev Plastiks delivered a resilient FY26 with 13% revenue growth and 9% PAT growth to ₹202 crore, despite geopolitical disruptions from the Israel-Iran conflict. EBITDA margins held at 11%, supported by strong export performance (30% revenue growth) and dominant positioning in wires & cables. Management guided FY27 polymer volume of 2,31,000 MT (73% utilization) and 13% revenue growth, with EBITDA margins maintained at ~11%. The new BESS vertical targets ₹200-250 crore revenue in FY27, scaling to 1 GWh (₹800-900 crore) by FY28. Key risks include raw material price volatility, potential client backward integration, and execution challenges in the nascent BESS business.
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Guidance to track
- Management targets 2,31,000 MT volume for FY27, implying ~15% growth over FY26, with capacity utilization of 73%.
- Polymer compounding revenue expected to grow 13% YoY in FY27, excluding BESS contribution.
- Polymer business EBITDA margin guided at approximately 11% for FY27, similar to FY26.
- BESS vertical expected to generate ₹200-250 crore revenue in FY27, with break-even at that level.
Risks flagged
- Geopolitical tensions caused 50%+ spike in raw material prices; pass-through lag of 7-15 days can compress margins.
- Analyst raised risk of cable manufacturers backward integrating into compounding; management acknowledged but cited scale and skill barriers.
- BESS requires 3-6 month customer approval cycle; any delays could impact FY27 revenue ramp-up.
- Ongoing Middle East conflict disrupted export logistics in March; recovery visible but uncertainty remains for H2 FY27.
Key quotes
- Our HFR capacity sustained utilization of nearly 50% throughout this period of turbulence and our new Bihari facility commenced commercial operations in the last week of April this year.
- We are targeting a volume of 2,31,000 metric tons per annum with a capacity utilization of 73% and a year-on-year revenue growth of 13%.
- We are confident that the foundations we are laying today will deliver sustained and superior value to all our stakeholders in the years ahead.
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