Ddev Plastiks Industries Limited — Q3 FY26
Ddev Plastiks reported Q3 FY26 revenue of ₹733 crore (+11% YoY) with EBITDA margin of 11% and PAT of ₹48 crore (7% margin).
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
How to model BESS revenue and margins from H2 FY27 onwards?
Asked by Archana, IDVI Capital
Management gave revenue guidance but did not provide operating margin profile as asked.
no margin profile givendeferred to later quarters
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Question
how we should look at this segment in terms of contribution to earnings from H2 FI27... also if you can help us to understand the operating margin profile once the business stabilizes
CFO (unnamed) and Rakesh Tiwari (renewable energy division head)
we will start with in the second quarter, second half of this year and we expect the volume to be initially lower side... first gigawatt hour revenue to be around 800 to 900 crores... for this financial year... expected to be in the range of within 3 to 500 odd crores.
Partial answer
High priority
What is the target capacity by 2030 and how to model?
Asked by Archana, IDVI Capital
Provided a target but no detailed year-wise ramp-up or modeling assumptions.
no detailed modelvague timeline
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Question
how should I model these numbers like... where do we want to reach let's say 2 gawatt 3 gawatt by the let's say 2030
Rakesh Tiwari
our internal target is the less than 3 years we will achieve is our 5 gawatt hour... before 2030 we will achieve our 5 G our complete solution
Answered
Medium priority
Who are current players in domestic BESS market?
Asked by Archana, IDVI Capital
Named competitors and gave context on their status.
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Question
who are the current players in this segment now in the domestic market
Rakesh Tiwari
few players is already enter like a JSW and page digit and other... on the ground level like us... we will be start our production from August onwards
Evasive
High priority
Will the 5,000 cr revenue target be upgraded given BESS?
Asked by Archana, IDVI Capital
Did not answer whether target would be upgraded; deferred guidance.
deferred to future quartersno commitment
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Question
since we have entered into this space so would you like to upgrade our 5,000 cr net sales target by 2030
CFO (unnamed)
as of now this 5,000 is which we are projecting is from the existing line of business correct we are not giving any separate guidance for best project it will come in the following quarters
Declined
Medium priority
What is the capex for FY28 BESS capacity?
Asked by Archana, IDVI Capital
Explicitly declined to provide capex details.
refused to sharedeferred to next quarter
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Question
what about FI28 and maybe capex for that will be helpful
CFO (unnamed)
everything is in pipeline the number and the details cannot be shared immediately but definitely you will see by next quarter
Answered
High priority
Who are BESS customers and is it domestic or export?
Asked by Bar, Ambit Asset Management
Provided specific customer types and target numbers.
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Question
who will be the customers we would we supplying to the EPC players... would this be more of a domestic business or we looking at export opportunity as well?
Rakesh Tiwari
Customer is decided two parts. One is government and one is the semi-government... we are targeting to directive with the 30 customer to sell our DC part... and we are targeting four to five government projects
Answered
Medium priority
Is BESS working capital intensive and how many days?
Asked by Bar, Ambit Asset Management
Gave specific working capital days estimate.
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Question
is this business also going to be working capital intensive... in terms of number of days would it be fair to say about four to 6 months of working capital investment will be there?
CFO (unnamed)
we are looking towards 60 to 75 days at max to start with... when we will be tying up with the government agencies... then probably this will change
Answered
High priority
Will domestic revenue growth pick up after US tariff resolution?
Asked by Bar, Ambit Asset Management
Confirmed pickup in growth with specific reasoning.
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Question
our domestic revenue growth was about 13% in 9 months... now that the tariff seems to have been resolved is it fair to assume some pickup in this growth going forward?
CFO (unnamed)
We are very confident that this growth should pick up now... we are getting clear signal from our customers that all uncertainties are behind us
Answered
High priority
Why did EBITDA margin decline despite volume growth?
Asked by Guru Daran, Kitara Capital
Corrected the analyst's numbers and provided per-ton EBITDA movement.
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Question
we have seen around volume growth of around 10% while the AIDA has been 7%. Could you help me understand key factors that led to this divergence like decline in AIDA margins per EG for the current quarter?
CFO (unnamed)
I don't know how you're calculating the numbers but as for my calculation the IITA per ton has moved from last quarter by almost 150 plus rupees rather close to 180 rupees
Partial answer
Medium priority
How is management building execution capabilities for BESS?
Asked by Guru Daran, Kitara Capital
Talked about synergies but did not detail execution capabilities or team building.
no specific execution plangeneric synergy explanation
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Question
could you help me understand how you're building execution capabilities and also don't you see any growth opportunities within the existing specialty chemical compounds we operate in
Group CEO (unnamed) and Rakesh Tiwari
we want to be a one-stop solution... getting into the battery energy storage sector... is also aligned and synergistic with the existing operations
Answered
High priority
What is expected ROC and payback period for BESS investment?
Asked by Guru Daran, Kitara Capital
Provided specific payback period and ROC range.
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Question
you have indicated investment of around 150 crores... what your internal calculations you're expecting ROC or return on investment you're expecting and the payback period
CFO (unnamed)
we expect that the payback will be in the range of 2 to 3 years of time for the capex whilst ROC we are expecting in high double digits in the range of 25 to 30%
Answered
High priority
How are BESS realizations fixed and what factors affect them?
Asked by Sakit Kapoor, Kapoor and Company
Explained basis of revenue guidance and key price drivers.
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Question
how are the realization fixed means what factors when we are taking this revenue potential or the revenue metrics which we are giving what are the factors that will affect it
CFO (unnamed)
today roughly 1 gawatt hour is being sold at roughly 950 odd crores we have considered a conservative turnover of 800 to 900 crores... based on prevailing lithium ion prices on the global market
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| BESS revenue guidance: 800-900 cr for 1 GWh in FY28 | ₹850 cr | ₹733 cr | Overstated vs filing |
| BESS revenue for FY27: 300-500 cr | ₹400 cr | ₹733 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.