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View Promises →Ddev Plastiks Industries Limited — Q4 FY26
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.
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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.
Ddev Plastiks ने FY26 में अच्छा प्रदर्शन किया। कंपनी की कमाई (रेवेन्यू) 13% बढ़ी और मुनाफा (PAT) 9% बढ़कर ₹202 करोड़ हो गया। यह इज़राइल-ईरान विवाद जैसी मुश्किलों के बावजूद हुआ। कंपनी का मुनाफा मार्जिन (EBITDA) 11% रहा, जिसमें निर्यात (30% बढ़ोतरी) और तार-केबल बाजार में मजबूती का हाथ रहा। अगले साल (FY27) के लिए कंपनी ने 2,31,000 मीट्रिक टन पॉलिमर बेचने का लक्ष्य रखा है, जो 73% क्षमता उपयोग होगा। कमाई 13% बढ़ने और मार्जिन 11% रहने का अनुमान है। नए BESS (बैटरी स्टोरेज) कारोबार से FY27 में ₹200-250 करोड़ और FY28 तक ₹800-900 करोड़ कमाई की उम्मीद है। जोखिमों में कच्चे माल के दाम में उतार-चढ़ाव, ग्राहकों का खुद उत्पादन शुरू करना और नए कारोबार में चुनौतियां शामिल हैं।
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Raw material price volatility
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Read Transcript →Quarter Snapshot
Total Volume (FY26)
2,01,370 MT
+6% YoY
Volume grew 6% to 2,01,370 MT, impacted by geopolitical headwinds; would have been ~10% under normal conditions.
Export Revenue Growth (FY26)
30%
+30% YoY
Exports grew 30% YoY, driven by strong demand from MENA region; export volumes expanded 23%.
Total Installed Capacity (FY27)
3,15,000 MT
+48,000 MT YoY
Capacity increased to 3,15,000 MT with new XLPE line (48,000 MT) commissioned in April 2026 at ₹80 crore capex.
BESS Revenue Target (FY28)
₹800-900 Cr
New vertical
Targeting 1 GWh BESS sales in FY28, generating ₹800-900 crore revenue at 10%+ EBITDA margins.
What Changed vs Last Quarter
NEW
FY27 polymer volume target of 2,31,000 MT
Management targets 2,31,000 MT volume for FY27, implying ~15% growth over FY26, with capacity utilization of 73%.
NEW
FY27 revenue growth of 13% YoY
Polymer compounding revenue expected to grow 13% YoY in FY27, excluding BESS contribution.
NEW
FY27 EBITDA margin of ~11%
Polymer business EBITDA margin guided at approximately 11% for FY27, similar to FY26.
UPDATED
BESS revenue of ₹200-250 crore in FY27
BESS vertical expected to generate ₹200-250 crore revenue in FY27, with break-even at that level.
DROPPED
FY30 revenue target of ₹5,000 crore
Management reaffirmed the target of ₹5,000 crore revenue by FY30, with 20-25% from exports, driven by core compounding business.
DROPPED
BESS capex of ₹150 crore in Phase 1
Phase 1 capex of ₹150 crore entirely funded through internal accruals for 5 GWh plant, operational from H2 FY27.
DROPPED
FY26 volume guidance of 200-205k metric tons
Expected total volume for FY26 to be 200-205k metric tons, implying >70% capacity utilization on expanded base.
NEW RISK
Raw material price volatility
Geopolitical tensions caused 50%+ spike in raw material prices; pass-through lag of 7-15 days can compress margins.
NEW RISK
BESS execution and approval cycle delays
BESS requires 3-6 month customer approval cycle; any delays could impact FY27 revenue ramp-up.
RISK GONE
Working capital intensity in BESS business
BESS business requires high working capital for procurement of cells and components, though management expects 60-75 day cycles initially.
RISK GONE
Margin pressure from new entrants in BESS
Multiple players like JSW and Page Digit are entering BESS, which could pressure realizations, though management cites complexity as a moat.
Fast read
Guidance and risk preview
Management targets 2,31,000 MT volume for FY27, implying ~15% growth over FY26, with capacity utilization of 73%.
Geopolitical tensions caused 50%+ spike in raw material prices; pass-through lag of 7-15 days can compress margins.
View Risks →