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Revenue
₹711 Cr
verification pending
Revenue YoY
27%
reported change
EBITDA
₹112 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tanfac Industries delivered record full-year revenue of ₹711 crore, up 27% YoY, driven by improved realizations and volume growth. However, EBITDA margin contracted to 15.7% (from 23% in FY25) due to normalization from an exceptional prior year, higher sulfur costs, unplanned HF plant maintenance, and increased depreciation from new solar-grade DHF capacity. PAT fell to ₹70 crore (10% margin). The company secured long-term contracts covering ~65% of its upcoming 20,000 MT HFC-32 capacity, with a ₹495 crore capex on track for Q3 FY27 commissioning. Solar-grade DHF orders worth ₹168 crore provide 3.5-year visibility. Key risk: quota allocation uncertainty under the Kigali Amendment could delay HFC-32 revenue ramp-up.
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Guidance to track
- The 20,000 MT HFC-32 facility is on track for commissioning in Q3 of FY27 (Oct-Dec 2026).
- Management expects EBITDA margins from existing lines of business to remain in the 15-18% range.
- Management guided for revenue of ₹1,600-2,000 crore in FY28, driven by new capacities.
- Beyond the current ₹495 crore capex, the company plans further investments of ₹500-700 crore for new products.
Risks flagged
- The Kigali Amendment quota allocation for HFC-32 production is uncertain; incumbents may consume the national quota, potentially limiting Tanfac's production.
- Sulfur prices have increased due to the West Asia crisis, and while costs are passed through with a lag, margin pressure persists.
- The ₹495 crore capex is the largest in company history; any delays or cost overruns could impact returns.
- Solar DHF orders of ₹168 crore over 3.5 years book ~85% of capacity, but reliance on a few customers poses concentration risk.
Key quotes
- We are the first and the sole solar grade DHF manufacturer in the country and this positions us strongly in high purity applications linked to the photovoltaic and semiconductor industries.
- Collectively these contracts account for nearly 65% of the proposed capacity providing strong demand visibility even before the commissioning of the plant.
- The clause number three is clearly mentioning implementation of an appropriate framework permitting HFC production after taking into account the production capacity of the operational units as on 1st January 2028.
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