Mitsu Chem Plast earnings calls.

Mitsu Chem Plast delivered a standout Q3 FY26 with EBITDA surging 73% YoY to ₹9.54Current 9.5 crore vs previous available quarter 5.5 crore. crore, expanding margins by 426bps to 11.1Current 11.1 crore vs previous available quarter 16.3 crore.% — driven by operational efficiency, improved product mix, and better sales realizations. Revenue from operations grew modest 6.92Current reported value: 6.92. No comparable prior figure is available in the source record.% to ₹8.61Current reported value: 8.61. No comparable prior figure is available in the source record. crore. The sharp margin improvement reflects successful customer mix optimization toward higher-margin niche products (16% of revenueCurrent 16% of revenue. Reported change: Target 15-20% at scale.) and disciplined cost management. Management targets 8-10% EBITDA margin as a "reasonable" structural range, with aspiration toward 15% at scale. The company's ₹1,000 crore FY28 revenue target requires nearly 2x capacity expansion (current ~29,000 MT to ~35,000 MT), requiring meaningful capex. However, FY27 growth guidance aligns with historical ~20% run-rate rather than the 35-40% CAGR needed for the FY28 target — raising execution risk. Export (2.5% of revenue, 17 countries) and healthcare furniture (Fernastra brand) are key growth vectors. Working capital cycle at 70 days and debt at ₹63-64 crore remain manageable. Investor concern exists around feasibility of doubling revenue in two years given historical 18-19% CAGR growth.