Platinum Industries Ltd — Q4 FY26

Platinum Industries Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=XVq7kELPuOk Published: 14 hours ago

0:01 1 second Ladies and gentlemen, on behalf of Captify Consulting investor relations team, I welcome you all to the Q4 and 0:09 9 seconds FI26 post earnings conference call of Platinum Industries Limited. Today on the call from the management team, we 0:17 17 seconds have with us Mr. Krishna Rana, chairman and managing director and Mr. Asho Botra, chief financial officer. As a disclaimer, I would like to inform all 0:25 25 seconds of you that this call may contain forward-looking statements which may involve risk and uncertainties. Also, a reminder that this call is being 0:33 33 seconds recorded. Please note that during the Q&A session, all participants will be on mute and as and when you raise hand, our 0:41 41 seconds team will be unmuting you so that you can go ahead and ask your questions. I would now request the management to detail us about the business and 0:49 49 seconds performance highlights for the period ended March 2026. the growth perspective and vision for the coming year post which we will open the floor for Q&A over to the management team. 1:01 1 minute, 1 second Thank you so much uh Vinn. Uh ladies and gentlemen, good afternoon and thank you for joining us today for Platinum Industries Limited's post earnings 1:09 1 minute, 9 seconds conference call for the fourth quarter and financial year 2526 2025 2026. 1:17 1 minute, 17 seconds I'm Krishna Duchantrana, chairman and managing director and I have joined along with our chief financial officer Mr. Ashok Bhra who will provide a 1:25 1 minute, 25 seconds detailed overview of our financial performance shortly. 1:29 1 minute, 29 seconds First let me express my sincere gratitude to our dedicated team valued partners, customers and loyal shareholders for their unwavering 1:38 1 minute, 38 seconds support throughout the year. At Platinum Industries, we remain steadfast in our mission to be a leading manufacturer of 1:44 1 minute, 44 seconds highquality PVC and CPVC additives in India and globally, delivering innovative stabilizers, lubricants and 1:52 1 minute, 52 seconds compounds that supports the construction, infrastructure, pipes and fittings and manufacturing sectors. 2:00 2 minutes Q4 financial year 2026 performance. Q4 FI26 was a robust quarter that showcased 2:08 2 minutes, 8 seconds the strength of our business model, successful capacity expansions and strong demand momentum. On a consolidated basis, revenue from 2:15 2 minutes, 15 seconds operations stood at 132 crores, reflecting a year-on-year growth of 37%. 2:21 2 minutes, 21 seconds The performance was driven by higher volumes, improved product mix and sustained demand in the PVC and CPVC 2:28 2 minutes, 28 seconds pipe and fitting segment aided by India's infrastructure development and urbanization trends. 2:36 2 minutes, 36 seconds This growth highlights improved operational leverage in our ability to manage raw material volatality effectively despite ge geopolitical 2:45 2 minutes, 45 seconds scenario. Our share of higher value added products has steadily increased which offers us better margins and growing share of business from the CPVC segment. 2:56 2 minutes, 56 seconds Full year financial year 26 highlights. 2:59 2 minutes, 59 seconds For the full financial year 2026, the company delivered healthy revenue growth on a consolidated basis. Building on the momentum from the first nine months, we 3:08 3 minutes, 8 seconds navigated challenges including the fire incident in our subsidiary at our Palar facility in July 2025. Our emphasis on 3:15 3 minutes, 15 seconds premium lowled calcium zinc and hybrid stabilizers has reinforced our position with environmentally conscious customers 3:24 3 minutes, 24 seconds and aligned us with the global sustainability trends. 3:29 3 minutes, 29 seconds The key operational achievements during the year include the progress on the new manufacturing facility in Egypt to access high growth international 3:36 3 minutes, 36 seconds markets. The facility is expected to start commercial operations in Q3 financial year 2027. 3:44 3 minutes, 44 seconds Process optimizations and efficiency improvements are in play at a new Palar facility. Portfolio expansion, deeper 3:51 3 minutes, 51 seconds penetration in domestic and export markets is being planned through introduction of new products and growing the basket of our value added products. 3:59 3 minutes, 59 seconds Our Egypt facility will play a key role in this growth strategy. These steps have enhanced revenue diversification 4:06 4 minutes, 6 seconds and strengthened our competitive positioning and will continue to do so in financial year 27 and for coming years. 4:15 4 minutes, 15 seconds We remain optimistic. The outlook and the strategy uh priorities are are that we remain 4:22 4 minutes, 22 seconds optimistic about financial year 27 and the long term. We reiterate our growth ambitions targeting more than 40% 4:29 4 minutes, 29 seconds revenue growth in financial year 27 and a 35% CAGGR from financial year 26 to 29. This is this will all be supported 4:38 4 minutes, 38 seconds by ramp up of the Egypt facility enabling geographic diversification and cost efficiencies, higher utilization and scaling of our expanded and new 4:47 4 minutes, 47 seconds facility in India. Continued innovation in sustainable products and new product introductions to the market. prudent 4:54 4 minutes, 54 seconds organic and selective growth opportunities backed by a strong technical team and R&D team. 5:01 5 minutes, 1 second We will continue investing in capacity augmentation, technology upgrades and R&D while maintaining financial discipline. Our focus on sustainability, 5:10 5 minutes, 10 seconds operational excellence and long-term shareholder value creation remains unwavering. Thank you. Thank you so much. I would like I would now like to 5:18 5 minutes, 18 seconds hand over to our CFO Mr. Ashok Bhra for a detailed review of our financials. 5:37 5 minutes, 37 seconds Ashi, please go ahead. You're on mute. 5:51 5 minutes, 51 seconds We are not able to hear you. 6:00 6 minutes The recording has stopped. 6:04 6 minutes, 4 seconds So just let me know if once your mic is ready, I'll restart the recording. 7:55 7 minutes, 55 seconds I request participants to just hold on for a minute. We're just getting the technical issue sorted out at the management end. 8:38 8 minutes, 38 seconds Hello. 8:39 8 minutes, 39 seconds Jojo joining from my uh Yeah. Yeah. Yeah. That's okay. You can keep the camera off if you want. I'll just resume the recording. 8:47 8 minutes, 47 seconds Shall I resume the recording? Yes. Okay. This meeting is being recorded. Please go ahead, sir. 8:55 8 minutes, 55 seconds Thank you sir. Good afternoon everyone. 8:58 8 minutes, 58 seconds It is a pleasure to present our financial results for Q4 and FI26. 9:03 9 minutes, 3 seconds Q4 FI26 key highlights on consolidated basis are revenue from operation is 132 cr reflecting a growth of 37% on y 9:13 9 minutes, 13 seconds basis. Ia for the quarter stood at 15.3 cr representing a growth of 95% on y 9:21 9 minutes, 21 seconds basis. I beta margins was at 11.6% up by 350% on Y basis. 9:31 9 minutes, 31 seconds Uh PAD came at 14.8 cr reflecting a year onyear growth of 164%. 9:39 9 minutes, 39 seconds While PAD margins stood at 11.24% by 543 BPS on YI basis 9:47 9 minutes, 47 seconds for full year FI 26. Key highlights on consolidated basis are revenue from operations stood at 450 CR reflecting a 9:55 9 minutes, 55 seconds growth of 15% on Y basis. IBITA for the year stood at 59.8 CR representing a YI growth of 4.2%. 10:05 10 minutes, 5 seconds Pat came at 51.2 CR reflecting a growth of 3.7%. 10:12 10 minutes, 12 seconds on standalone basis Q4 FYI 26 key highlights are revenue from operations 10:18 10 minutes, 18 seconds uh was at 132 cr reflecting a growth to 60% on y basis IA for the quarter stood at 16.1 cr reflecting a y growth of 92%. 10:30 10 minutes, 30 seconds IA margin was 12.2% 2% of 198 bps yi basis pat at uh pat came at 15.9 cr 10:40 10 minutes, 40 seconds reflecting a yi growth of 152% while pad margin stood at 12.1% up for 39 bps yi 10:49 10 minutes, 49 seconds basis the results reflect strong volume growth and product mis improvement with margin managed amid raw metal fluctuation and 10:58 10 minutes, 58 seconds higher employee cost per post expansion pull your fy 26 we achieved solid topline growth for the year. Pad growth 11:05 11 minutes, 5 seconds was supported by operational scaling even as we have absorbed impact from capacity expansion raw metal volatility 11:13 11 minutes, 13 seconds and uh net exceptional loss of.52 cr related to the uh fire uh incident at one of our plant of subsidiary. 11:25 11 minutes, 25 seconds Net debt remained minimal reflecting prudent financial management. Working capital was calibrated to support growth with normalization expected going 11:33 11 minutes, 33 seconds forward. FY26 on full year. Key highlights on standard basis are revenue from operation stood at 434 cr reflecting a growth of 34% on y basis. 11:45 11 minutes, 45 seconds Iita for the year stood at 60 cr reflecting a growth of 10% on y basis. 11:50 11 minutes, 50 seconds Pat came at 53.5 crores reflecting a growth of 10%. 11:56 11 minutes, 56 seconds Capex during the year focused on expanding production cap capability across our Indian facility including Palar and Egypt project and Egypt 12:04 12 minutes, 4 seconds project is in line with our long-term road map. Our liquidity position remains strong to fund our ongoing operation and future investments. 12:12 12 minutes, 12 seconds We continue continue to emphasize cost optimization, supply chain efficiency, risk management and sustainable shareholder returns. 12:21 12 minutes, 21 seconds Thank you everyone. We are now happy to take your questions. 12:26 12 minutes, 26 seconds Thank you sir. We'll now begin the question and answer session. All those who wish to ask a question, please use the option of raised hand. We'll wait 12:34 12 minutes, 34 seconds for a moment till the question queue assembles. 12:39 12 minutes, 39 seconds We'll take the first question from Bargo Bud. Please go ahead. 12:47 12 minutes, 47 seconds Yes Bargo. Yeah. Can you hear me? 12:50 12 minutes, 50 seconds Yes Bargo. Yeah, good afternoon uh sir and congratulations on a good set of numbers. Uh sir, my first question is 12:58 12 minutes, 58 seconds that if you look at your guidance for FI27, you've highlighted a 40% revenue growth. uh is it possible to break this 13:06 13 minutes, 6 seconds up into how much are you guiding from India and how much are you guiding from Egypt and within India if you can also 13:14 13 minutes, 14 seconds highlight what could be the expected revenue from CPVC which is the new uh business which is driving growth for you. 13:22 13 minutes, 22 seconds Uh thank you Babubai for this question I would like to I I would like Mr. Ashoka to answer this. So 10% of the top line 13:30 13 minutes, 30 seconds will come from Egypt operation and rest from Indian facility for FI27 and CBBC we are quite hopeful of 13:38 13 minutes, 38 seconds achieving very decent high growth in FI27 and if you look at the fourth quarter 13:47 13 minutes, 47 seconds there was some pressure in terms of gross margins is this primarily on account of rising share of CPVC 13:56 13 minutes, 56 seconds no margins as compared to Q3 FY 26 it is almost at the same level but because of the this 14:04 14 minutes, 4 seconds geopolitical scenario raw material price went up in March so there may be some hiccups temporary hiccups but otherwise 14:12 14 minutes, 12 seconds GP margin are intact okay so have you taken any price hikes 14:19 14 minutes, 19 seconds in the month of April to offset the rise in raw material prices so it is a ongoing process we keep on passing on to the maximum possible. 14:30 14 minutes, 30 seconds So can we expect gross margins to again bounce back in the first quarter? 14:35 14 minutes, 35 seconds So we don't see you know dip in the margin on long-term basis. So if the raw medal price you know comes at a stable 14:43 14 minutes, 43 seconds level then we will be able to maintain the margins also but otherwise there is a time lag you know in passing on the margins. 14:52 14 minutes, 52 seconds Okay. And uh uh when do we expect the Egypt plant to start contributing? Would it be the third quarter or the fourth quarter? 15:00 15 minutes Uh it's Q3. 15:04 15 minutes, 4 seconds Okay. So Q3 you can start booking revenues. Yes. 15:10 15 minutes, 10 seconds Great. Thank you very much and all the very best. I'll come back uh in the queue. 15:17 15 minutes, 17 seconds Thank you Bar. All those who wish to ask a question, please use the option of raise hand. 15:34 15 minutes, 34 seconds We'll take the next question from Arno Sakoja. Please go ahead. 15:42 15 minutes, 42 seconds Hi. Uh thank you for taking my question. 15:45 15 minutes, 45 seconds So uh my first question is uh could you give us uh an update on uh the oliochemical segment which we were looking to enter? 15:58 15 minutes, 58 seconds Hi Ara this is uh Krishna Rana. 16:01 16 minutes, 1 second Hi Oliochemicals uh recently we have we have just started the sales of those products. Okay. And we are we are going 16:09 16 minutes, 9 seconds through a CDMMO process right now where we are you know buying and uh based on a because we've researched on roio chemicals since 2 years now. So uh we 16:18 16 minutes, 18 seconds are getting the product manufactured from a contract manufacturer and selling it in the market. So our first sale has started from this month that is from the 16:25 16 minutes, 25 seconds month of April. So you will see a you know sizable revenue in this year for 16:32 16 minutes, 32 seconds from the oliochemicals uh sales. uh within uh next one one and a half year after our pilot sales testing in the 16:40 16 minutes, 40 seconds market is over we will be investing parallelly uh in building the plant uh you know for the capacities for uh olio 16:47 16 minutes, 47 seconds olio based derivatives right thanks um and uh so my next 16:55 16 minutes, 55 seconds question is uh you know given the crude price volatility that's been taking place uh since March when the war began 17:05 17 minutes, 5 seconds what are the few steps that uh you know we've taken as a company to mitigate some of the impact of this crude price volatility. 17:14 17 minutes, 14 seconds So um you know if you if you talk about you know our industry plastic if you see PVC as a polymer has been extremely 17:22 17 minutes, 22 seconds volatile since last year but the volatility was much higher you know in March and April. So you must have seen a 17:29 17 minutes, 29 seconds sudden spike in the prices of PVC and there was a sudden downfall in the PVC prices right. Uh the similar story has 17:37 17 minutes, 37 seconds not happened to the uh you know the chemical side right where you know the raw material cost which were dependent 17:44 17 minutes, 44 seconds on the crude oil prices or you know the volatality in the currency fluctuations 17:52 17 minutes, 52 seconds the there was a gap of you know supplies by by the vendors. So you know the chemical prices have not short 18:00 18 minutes shortened. In March we had procured quite a lot of raw materials. I think we we we built a a higher inventory than 18:08 18 minutes, 8 seconds the normal normal levels which we we were covered until uh you know May end and slowly slowly we were buying for you 18:16 18 minutes, 16 seconds know for June. So you know looking at the demand and the uh market conditions. 18:20 18 minutes, 20 seconds So what we feel is that the mar you know when the raw material prices whatever we are able to pass on to the customers you 18:28 18 minutes, 28 seconds know it is quite in line to maintain our margin. So you know we are able to pass it on and we are not building too much of inventory this quarter. 18:40 18 minutes, 40 seconds Okay sure your question yeah uh okay sure thanks for answering my questions and uh congrats on a strong set of numbers. 18:48 18 minutes, 48 seconds Thank you. Thank you. Thank you Arnab. 18:52 18 minutes, 52 seconds We'll take the next question from Anu Sharma. Please go ahead. 19:03 19 minutes, 3 seconds Good afternoon sir. Uh sir, what's the mix of CPVC and uh value added products in the revenue versus PBC products and 19:12 19 minutes, 12 seconds how will the value added product mix change in coming years? 19:19 19 minutes, 19 seconds Uh thank you. Thank you Anup. Very good afternoon. Um you know with respect to the product mix uh as you know that you 19:27 19 minutes, 27 seconds know we are a extremely R&D uh run company and you know we wish to come out with new innovative products so that you know we are there in the market 19:35 19 minutes, 35 seconds and you know horizontally expanded ourselves in terms of having present in all the polymer uh you know all all the 19:42 19 minutes, 42 seconds polymers that are there in the entire polymer family. Um if you see when when we started in 2016 probably for 8 9 19:50 19 minutes, 50 seconds years we only ran the PVC side of the story. Uh then last 2 years have been good in terms of changing the dynamics in terms of you know being present in 19:59 19 minutes, 59 seconds the CPVC side of the story. We got into oliochemicals you know which is another role play for us which might give us a 20:06 20 minutes, 6 seconds good uh leverage in the market as there are not many players into this uh sector. So we've developed products for you know other polymers with apart from 20:15 20 minutes, 15 seconds PVC and CPVC which are LLDP, LDP, HDP you know PET. So so that you know 20:22 20 minutes, 22 seconds tomorrow look in future looking at the volatility in one polymer if the business is down then other polymer is 20:29 20 minutes, 29 seconds there to support. So this one this entire year if you see uh we have done a growth in terms of our uh numbers and 20:38 20 minutes, 38 seconds the volumes is only because we were present in also CPVC. So CPVC supported you know the 20:46 20 minutes, 46 seconds uh volatility of PVC right so uh our sales in terms of PVC was little bit lower than last year but CPVC supported 20:53 20 minutes, 53 seconds this oliochemical will further support this. So the growth that we are talking about in terms of maintaining the future levels is always going to be on a higher 21:01 21 minutes, 1 second side in terms of the product mix. uh looking at the margins value addition. 21:05 21 minutes, 5 seconds Yes. Uh you know we are entering in such a space that uh the competition is too less and the research on on the products 21:13 21 minutes, 13 seconds is very very heavy like Oliochemicals is our we started the sales in this month but this month we started sales because of the research that we did for you know 21:22 21 minutes, 22 seconds past two years and that's why we could understand the market the product and you know start uh the sales in the uh domestic market. So you know it is of 21:31 21 minutes, 31 seconds course the value added products is going to support the future of the company in terms of having a great product mix to sustain in the market for the longer run. 21:48 21 minutes, 48 seconds Yes. 21:53 21 minutes, 53 seconds My uh next question is what's the status of the new plant and what are the uh capacities and what are uh current utilization rates? 22:03 22 minutes, 3 seconds So our so so our uh this 22:12 22 minutes, 12 seconds unit to uh installed capacity will be around 60,000 t and unit one will be around 25 uh 25 t 25,000 tons and in 22:22 22 minutes, 22 seconds Egypt we we are putting up the similar capex and with similar facility around 60,000 tons metric t perom 22:32 22 minutes, 32 seconds and my next questions. What is the plan with uh Egypt? 22:37 22 minutes, 37 seconds Uh the plant is going to commence production in Q3 FYI 27. 22:43 22 minutes, 43 seconds Okay sir. Thank you. Thank you Ano. 22:49 22 minutes, 49 seconds I would request the participants who wish to ask a question please use the option of raise hand. 23:00 23 minutes Uh, Bargo, you can ask your followup question if you want. 23:12 23 minutes, 12 seconds Yeah. Can can you hear me? Yes. Yes, please. Good. 23:16 23 minutes, 16 seconds Is it possible to share the what is the revenue from CPBC in FI26? 23:22 23 minutes, 22 seconds So, it is around 110 cr out of 450 crores. 23:26 23 minutes, 26 seconds And uh is it fair to say that the exit run rate maybe in the month of March could be upwards of 135 crores? 13 or 15 odd crores. 23:39 23 minutes, 39 seconds March 13. Sorry. 23:43 23 minutes, 43 seconds Yes, it is. It range from 10 to 15 cr on monthly basis. 23:47 23 minutes, 47 seconds On a monthly basis. So uh uh obviously the gross margins in CPBC is lower as compared to the overall portfolio. But 23:54 23 minutes, 54 seconds as we ramp up uh this uh can we presume a scenario where gross margins will be similar to our blended average or it will take some time. 24:03 24 minutes, 3 seconds Uh just to bargo by this is Krishna uh if we look at uh you know the gross 24:12 24 minutes, 12 seconds gross margins in CPC business when we started you know uh two years ago we were sitting on a gross margin of almost uh 6 to 7%. 24:22 24 minutes, 22 seconds Yes. Yes. uh today you know by by the changing the you know changing in the formulations and you know having the 24:30 24 minutes, 30 seconds tweak of the different kind of raw materials we were able to achieve a because see there are majority of the additives that are used in the CPVC 24:37 24 minutes, 37 seconds formulations is is manufactured by us okay so over there we don't have to buy in higher pricing from the market so we 24:44 24 minutes, 44 seconds could able to achieve a target of 18 to 20% in this uh this might further go up 24:52 24 minutes, 52 seconds by 20 22% since it's a commodity because when you compare PVC and CPVC PVC we are there in the entire pipe formulation 24:59 24 minutes, 59 seconds only 3% but if you go to CPC we are there 25% in their formulation. Sure. 25:04 25 minutes, 4 seconds So this is more of a commodity product but this will give us a better revenue and you know sizable uh gross margins. 25:13 25 minutes, 13 seconds Okay. Understood. And on this olio chemicals uh when do you expect this to contribute meaningfully to our revenues? 25:20 25 minutes, 20 seconds Maybe in the next 2 three years. Our revenue with Olio has already started from the month of uh you know April. 25:27 25 minutes, 27 seconds Yeah. Yeah. So when can it be meaningful in terms of revenue contribution from Olio? This year it's this year we 25:35 25 minutes, 35 seconds are targeting somewhere around 55 to 60 crores in olio chemicals. Okay. Okay. 25:40 25 minutes, 40 seconds And then we're almost reaching that run rate by the second quarter. 25:45 25 minutes, 45 seconds Okay. And post that we'll set up our own manufacturing unit. parallelly we are setting up we already started the uh you 25:52 25 minutes, 52 seconds know the design and everything so we are setting up the plant and I think in next one and a half year we will be ready with our capacities for olio based 25:59 25 minutes, 59 seconds derivatives and sir in the presentation I read somewhere that you are looking to expand in US as well in terms of manufacturing 26:08 26 minutes, 8 seconds footprint is that correct or so we always look out for the better opportunity when the time permit and 26:15 26 minutes, 15 seconds when the setting a plant makes sense we will definitely Look at the we are studying we are studying the US markets right now. So no but we are not ruling out any option as of now. 26:25 26 minutes, 25 seconds Okay. So as of now there's no getex plan right for the Europe or US manufactur. No no. 26:31 26 minutes, 31 seconds Okay. Okay. But the sales will happen from the Egypt facility is what you are highlighting. Yes. Yes. From Q3. Yes. 26:38 26 minutes, 38 seconds Okay. Great. Thank you. Thank you so much. Thank you. 26:43 26 minutes, 43 seconds Thank you. Sir, we'll take a question from the chat. It's from Sagar Salot. is asking uh hi when can we expect life 26:51 26 minutes, 51 seconds sciences division contributing to the top line uh this year itself 26:59 26 minutes, 59 seconds okay sir we'll take the next question from Survi Aaral please go ahead 27:11 27 minutes, 11 seconds hello hi sir this is here can you throw some light on reasons for jump in employee costs and other expenses and 27:19 27 minutes, 19 seconds what senior levels hiring has happened and can you tell me the strategy growth in different business verticles? 27:26 27 minutes, 26 seconds So in FY 21 25 we were having only one plant and this year we we set up a new facility which commence the production 27:34 27 minutes, 34 seconds of CPVC also. So in FY25 we were having employee around say 120 now it jumped to say 150 and in April it jumped to say 27:43 27 minutes, 43 seconds 170 odd and apart from that you know in order to uh stabilize the operation and strengthen the management we hire senior 27:51 27 minutes, 51 seconds management level employee also. So this this has led to increase in the employee cost but if you see as a percentage of 27:59 27 minutes, 59 seconds uh sales so it it has increased only by 1%. So and apart from that there is a normal increment also during the year. 28:08 28 minutes, 8 seconds So once the sales uh once we achieve the sale of from the new facility on fully optimal basis the employee cost as a 28:17 28 minutes, 17 seconds percentage of sale will come down from FY25 level. 28:28 28 minutes, 28 seconds Hello sir, one more question is there. 28:30 28 minutes, 30 seconds Uh what is the cap uh captive landscape for you in CPVC in Indian market and what is the target for the Egypt plant 28:38 28 minutes, 38 seconds and will you just focus on P PVC or CPVC and other products? Can you let me know 28:44 28 minutes, 44 seconds about it? U uh uh Survi may I ask you to repeat the question please? 28:57 28 minutes, 57 seconds Si you are on mute. Am I audible? 29:04 29 minutes, 4 seconds Yes. Yes. 29:06 29 minutes, 6 seconds Yes sir. So I was asking uh what is the capitative landscape for you in CPVC in India and what is the target market for 29:14 29 minutes, 14 seconds Egypt plant and uh what will be the what will the Egypt plant focus on PVC or CPVC or other products. 29:22 29 minutes, 22 seconds So uh the India plant is going to be focusing on multiple product portfolio as I said that you know we are getting into bigger space and you know larger uh 29:32 29 minutes, 32 seconds uh product mix uh portfolio. uh but looking at the landscape of CPVC I cannot really give you a number but I 29:39 29 minutes, 39 seconds can explain you basically you know the the scenario of the CPVC in India uh CPVC in India the CPVC pipes in India 29:48 29 minutes, 48 seconds were manufactured by using a compound okay it's a direct compound they the companies who are supplying these compounds were companies like Lubresol 29:56 29 minutes, 56 seconds which is a Warren Buffet company Sisoi is one company which is from Japan uh HC which is from Korea so these companies 30:03 30 minutes, 3 seconds were selling compounds so What the pipe manufacturers uh used to do they used to buy these compound put it in the machine and directly make pipe right there is no 30:11 30 minutes, 11 seconds self-co compounding where they make uh you know products like PV PVC pipe so over here there was a bigger challenge 30:18 30 minutes, 18 seconds in terms of you know uh making a quality product because quality was dependent on the supplier the price was dependent on 30:25 30 minutes, 25 seconds the supplier uh uh the production capacity was dependent on the supplier because if supplier could give less material then they could make less 30:32 30 minutes, 32 seconds number of pipes if supplier gave more material they could make more number of piles. So they were unable to plan their sales strategy also. uh we saw all these 30:40 30 minutes, 40 seconds problems and we thought that you know India was coming up with the capacity of manufacturing CPC resin like companies like uh Lubresol they tied up with 30:48 30 minutes, 48 seconds Aditya Burla group and they are going to start selling CPVC resin only the plastic and not the entire compound DCW 30:57 30 minutes, 57 seconds then there is the Reliance which is you know planning to come in there there's a company called 31:04 31 minutes, 4 seconds make money organics which is epigral all these companies they started coming up with the capacity of manufacturing raisin and we are the ones who are 31:11 31 minutes, 11 seconds supplying the editives part of it. So today if you see last year that is 2024 you know two 2 lakh 40,000 tons of CPVC 31:20 31 minutes, 20 seconds pipes were produced in India out of which 85% of the pipes were produced from using a direct compound only 15% 31:28 31 minutes, 28 seconds were made from the self-co compounding which were companies like Astral and others. So these 85% where the companies 31:35 31 minutes, 35 seconds were using a compound is our market share. So yeah 85% additive 25%. So 50,000 to 55,000 tons 31:44 31 minutes, 44 seconds is the market currently for us as per the 2024 uh numbers. 31:51 31 minutes, 51 seconds We see that you know India will start producing 2 lakh 40,000 to 5 lakh tons very soon in the next 2 to three years because of the ramping capacities and the PVC CPC resin you know production. 32:02 32 minutes, 2 seconds What we feel that uh for us again the market for these CPUC additives might be from 50,000 to one lakh ton. So this is 32:10 32 minutes, 10 seconds where our entire uh you know growth lies. We were able to convert two big major players in India. One one is 32:17 32 minutes, 17 seconds Supreme Industries and one is um uh Prince pipe and fittings where they are buying from us and now we are getting 32:24 32 minutes, 24 seconds into the smaller manufacturers. So we've got the confidence of bigger manufacturers where you know they have authenticated our product. We are also 32:31 32 minutes, 31 seconds NSF approved which is uh an American standard and you know this is where uh we are uh trying to change the scenario 32:39 32 minutes, 39 seconds in the CPVC business. So of course the India plant is going to be focusing more on the CPVC PVC part of the story and the oliochemicals wherein Egypt is going 32:47 32 minutes, 47 seconds to be focusing more on CPVC which will be selling which we will be selling to the American markets uh the North America and South America. uh we will be 32:56 32 minutes, 56 seconds having uh steroids that are metallic soaps which are used for the petrochemical companies and the stabilizers in Egypt. So our major product for product in terms of quantity 33:06 33 minutes, 6 seconds will be stabilizers supported by CPVC and uh uh metallic soaps. 33:16 33 minutes, 16 seconds I hope I have answered your question. 33:18 33 minutes, 18 seconds Yes sir. Uh one more question. uh can you let me know uh what new product categories uh will be as big as compared 33:26 33 minutes, 26 seconds to your next product or existing product. 33:29 33 minutes, 29 seconds So today as I explained earlier also that we are uh today present in a in PVC 33:36 33 minutes, 36 seconds and CPVC space uh in oliochemicals that we started that is platinum ooliochemicals where we we are we are 33:44 33 minutes, 44 seconds targeting the entire polymer family. So you know LDP, SDP. So over here our platinum Oliochemicals will also be as big as the current company. Okay. 33:54 33 minutes, 54 seconds Focusing on the domestic as well as the international markets. Thank you sir. 34:04 34 minutes, 4 seconds Thank you. 34:05 34 minutes, 5 seconds Thank you sir. We'll take the next question from Disha Chia. Please go ahead. 34:16 34 minutes, 16 seconds Disha. Hello. Hello. Yes, Disha. Yes. Am I audible? Yes. Disha. 34:23 34 minutes, 23 seconds Yes. Thank you so much for this opportunity. So, sir, you mentioned although we've seen some margin pressure coming in Q4, but you mentioned going ahead, we'll be able to stabilize the 34:32 34 minutes, 32 seconds margin. So, here we're taking the base at 15%, right? AA margin 13 to 15%. 34:41 34 minutes, 41 seconds Abita Aida margin is 30 to 15%. Correct. 34:45 34 minutes, 45 seconds So that that we expect to maintain by 527 right? That's right. That's correct. 34:49 34 minutes, 49 seconds Okay. Okay. And from the Egyp plan so what is the optimum revenue potential of this plant at peak utilization? Uh so we 34:57 34 minutes, 57 seconds are expecting a potential revenue around 300 cr over a period of 3 years and uh 35:07 35 minutes, 7 seconds at peak level it may be around more than 600 roads. 35:17 35 minutes, 17 seconds Okay. Okay. And so just this balar facility what sort of utilization did we achieve in FR26 and what is the ramp up that we planning in F27? 35:26 35 minutes, 26 seconds So we are in the process of putting up the capacity so far we have put up only facility for manufacturing CPVC. So once 35:34 35 minutes, 34 seconds we commence the install the uh remaining facility then we will be in position to answer the question otherwise CPVC is running at optimal level around 70 to 80%. 35:48 35 minutes, 48 seconds Okay, that's it from my side. Thank you. 35:52 35 minutes, 52 seconds Thank you, Disha. We'll take the next question from Dakshita Mishra. Please go ahead. 35:59 35 minutes, 59 seconds Uh good afternoon sir. So my question was uh what would be the key drivers for the strong revenue growth in Q4 and how 36:07 36 minutes, 7 seconds much of this was contributed by volumes and realization? 36:14 36 minutes, 14 seconds uh CPVC uh thank you so much for the question Dakshit G the CPVC business has contributed to a larger uh you know 36:23 36 minutes, 23 seconds revenue share in uh FY uh 26 and uh if you talk about the quantum I think 30% 36:31 36 minutes, 31 seconds of our revenue has come from the CPVC business and 70% is from the PVC business 36:37 36 minutes, 37 seconds major major in Q4 is uh from CPVC sale also apart from lead free products 36:45 36 minutes, 45 seconds Okay. Uh so as you are guiding for 40% growth in FI27 uh which businesses will help this growth and also what kind of utilization 36:55 36 minutes, 55 seconds levels are you looking at in your new plant? Uh how much of this grow? Yeah. 37:01 37 minutes, 1 second How much of this growth is dependent on Egypt? 37:04 37 minutes, 4 seconds So this year we are mainly looking at the Indian facility. So and from Egypt facility as as we told you know 10% of 37:12 37 minutes, 12 seconds the revenue will come from the Egypt facility remaining will come from the Indian facility. So most of the growth will come from CPVC and lead free products. 37:23 37 minutes, 23 seconds Okay sir and one last question in the last 3 to 5 years uh all the inclusive potential turnover from India and Egypt uh it's including all your chemicals. 37:35 37 minutes, 35 seconds Yes, we have estimated you know all into our projection and what kind 37:42 37 minutes, 42 seconds we are targeting you know CAG around 35% over the next 3 years. 37:50 37 minutes, 50 seconds Okay, that's it from myself. Thank you sir. 37:53 37 minutes, 53 seconds Thank you. We'll take the next question uh next follow-up question from Bharab. Please go ahead. 38:02 38 minutes, 2 seconds Yeah. So uh sir for Egypt u uh what could be the break even levels at what utilization can we break even? So around 38:11 38 minutes, 11 seconds 30 to 35% is decent enough to break in the and given that this is a lead based 38:19 38 minutes, 19 seconds facility for PVC uh and given that there are lots of benefits also which are being offered is it fair to say that 38:28 38 minutes, 28 seconds gross margins here would be higher compared to India and initially we would be planning to sell more in Egypt and then maybe in other countries. 38:38 38 minutes, 38 seconds So it will be 50/50 as of now we are expecting from 50% from Egypt from domestic market of Egypt and rest from the global market. 38:50 38 minutes, 50 seconds Okay. And in terms of gross margins would it be higher versus India on a like to like basis product? 38:55 38 minutes, 55 seconds It is at least at the same level of India but uh it will be definitely higher than the Indian markets. 39:02 39 minutes, 2 seconds Okay. Great. Thank you. Thank you. 39:06 39 minutes, 6 seconds Thank you Bargo. Anybody who wishes to ask a question, please use the option of raise hand. 39:19 39 minutes, 19 seconds Uh Krishna sir, since there are no further questions, would you like to give any closing comments? 39:26 39 minutes, 26 seconds Oh, I I would uh wish everybody thank you so much for attending this call and uh having a giving a support to platinum is it really means a lot. Thank you so much. 39:38 39 minutes, 38 seconds Thank you. Thank you to the man management team and thank you to all the participants for joining on this call. 39:43 39 minutes, 43 seconds This brings us to the end of this conference call. Thank you.