KOTYARK Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹63.66 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹48 Cr
latest reported figure
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record provenance
Actual signal trajectory
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What the record says.
Kotyark Industries reported FY26 revenue of ₹4.9 crore, EBITDA of ₹48 crore, and PAT of ₹19.4 crore — delivered despite operating at 7-8% capacity utilization, reflecting the strength of its integrated business model. The company completed a major capacity expansion at its Rajasthan facility from 500 KLPD to 1500 KLPD, bringing total annual biodiesel production capacity to ~480,000 KL. With an exclusive order book of ~₹80 crore and a pipeline of ~₹250 crore, revenue visibility is solid for the next 3-6 months. Management targets 15-20% improvement in both capacity utilization and revenue, with margins expected to expand modestly as utilization increases. Two new manufacturing facilities in Jhajjar (Haryana) and Kanpur (UP), each with 200 KLPD capacity, are expected to commission by December 2026, adding 400 KLPD of capacity and expanding North India coverage. The primary risk remains the slow ramp-up in OMC tender quantities (~15 crore liters quarterly), government policy shifts toward alternative biofuels like isobutanol blending, and ongoing legal disputes. Management highlighted a 30% cost advantage in plant construction through in-house manufacturing and a 99%+ yield rate versus 97-98% for competitors.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 15-20% improvement in both capacity utilization and revenue next year, with minimum 15% utilization increase.
- Two new biodiesel manufacturing facilities at Jhajjar (Haryana) and Kanpur (UP), each with 200 KLPD capacity, expected to commission by December 2026.
- Company is obtaining export license for biodiesel; expected to receive within 4-6 months, enabling exports this fiscal year.
- Management targets 70-80% growth over next 4-5 years in the clean, green, and renewable products segment.
Risks flagged
- Despite capacity expansion, OMC tender quantities remain flat at ~15 crore liters per quarter versus ~5 crore liters monthly last year. Slow government mandate enforcement constrains volume growth.
- Government considering 15% isobutanol blending in diesel, which could be 70-75% more expensive than biodiesel. Management believes this policy may not be viable given current pricing and limited domestic production capacity.
- Analyst raised concern about 150 crore inventory sitting at Kotyark and competitor Rajputana Biodiesel despite government citing unavailability of feed stock — indicating supply-demand mismatch rather than policy failure.
- Two legal matters pending — one involving seized raw materials (expected resolution next month with state support) and another Supreme Court case on penalty. Promoter group has been selling shares to reduce debt.
Key quotes
- हम बायोडीजल मैन्युफैक्चरिंग जो दूसरे यूनिट्स है इंडिया में उससे 30% में मैं प्लांट बना देता हूं और वही मेरा सबसे बड़ा स्ट्रेंथ है।
- मैं ग्रेजुअली भी बढ़ा रहा हूं। पहली बार समझो और इस बार मेरा एक्सपेक्टेशन है कि मैं 15 से 20% बढ़ूं लेकिन 15% मिनिमम बढूंगा ऐसा लगता है।
- प्रोडक्ट कमोडिटी है तो रॉ मटेरियल के रेट बढ़ते ऊपर रहते हैं तो उससे थोड़ा फर्क पड़ता है। बट हम मैनेज करते हैं कि हम पैक में कोई खास लंबा चौड़ा फर्क ना पड़े।
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