Ddev Plastiks Industries Ltd

Meeting Details

• Date and time: August 11, 2026; time not disclosed.
• Type and mode: virtual group earnings conference call.
• Organiser: Q1 FY27 Earnings Conference Call moderated by Go India Advisors Limited.
• Conference recording: call was recorded; investor presentation available on stock exchanges.

Participants

• Chairman and Managing Director
• Whole-Time Director and Chief Executive Officer
• Whole-Time Director
• Chief Financial Officer

Purpose

• Discuss Q1 FY27 earnings results.
• Review quarterly financial and operational highlights.
• Outline strategic updates, including capacity expansion and BESS initiative.

Additional Notes

• Q1 FY27 revenue up 29%; EBITDA up 27%; PAT about INR 64 crores.
• New Bhiwadi XLPE facility commissioned; capacity now 214,500 MT.
• Total installed capacity 316,400 MT; utilization around 66%.
• BESS Phase I capex about INR 200 crores; mid-FY29 target.

Financial Performance

• Revenue grew 29% YoY; EBITDA up 27% YoY with margins at 10%.
• PAT stood at INR 64-odd crores, up 22% YoY.

Operating / Segment Update

• Total installed capacity 316,400 tpa; utilization around 66%.
• XLPE capacity now 214,500 tpa; ~1/3 XLPE market share.

Projects and Capex

• New Bhiwadi facility commissioned April 2026 with 48,000 tpa.
• Phase I BESS capex within INR 200 crores; mid-FY29 1 GWh target.
• FY27 capex incurred about INR 77 crores; balance plan not disclosed here.

Outlook and Guidance

• FY27 revenue growth guidance of 13% and tonnage target 231,000.
• Utilization expected around 70% for the year; volume ramp in H2.
• Export volatility persists; margins supported by realizations.

Q&A Highlights

• Q1 growth muted; management aims 15% volume growth for FY27.
• Bhiwadi ramp expected to lift utilization and margins over time.
• BESS EBITDA margin expected 6-8% initially, potentially higher with EPC.

Risks and Watchpoints

• Export price volatility and logistics risk from war, Hormuz.
• Project delays due to relocation West to East and tender retendering.

Meeting Details

• Date of call: 11 August 2026.
• Type: earnings conference call.
• Quarter: Q1FY27 ended 30 June 2026.
• Results approved by Board on 10 August 2026; filed with exchanges the same day.

Participants

• Key participants: Board of Directors and Company Secretary.

Purpose

• Purpose: inform about recording availability and results submission.
• Recording uploaded; results submitted to stock exchanges.

Additional Notes

• Recording available on company website under Earnings Call section.

Business Overview

• Largest listed Indian polymer compound manufacturer; six plants, 316,400 MTPA capacity, 200+ compounds.
• FY21–FY26 CAGR: revenue 14%, EBITDA 34%, PAT 58%.
• Core products include XLPE, High Voltage PE, and HFFR compounds; BESS entry planned.

Operational Highlights

• Q1 FY27 revenue Rs 989 Cr; YoY +29%; EBITDA Rs 101 Cr; margin 10%.
• XLPE capacity added 48,000 MT in Apr 2026; commissioned at Bhiwadi.
• HFFR and PVC capacity expansions completed; HFFR to replace PVC in building cables.
• New XLPE facility expected to generate ~₹500 Cr revenue.
• Exports doubled to ₹312 Cr in Q1 FY27; 55+ country presence.
• CRISIL long-term A+/Stable; short-term A1+.
• Net debt-free since 4QFY24; plan to maintain through FY27.

Financial Performance

• FY26 revenue Rs 2,948 Cr; YoY growth 13%.
• FY26 EBITDA Rs 320 Cr; margin 11%.
• FY26 net profit Rs 202 Cr; PAT margin ~7%.
• Q1FY27 revenue Rs 989 Cr; YoY 29%.
• Q1FY27 net profit Rs 64 Cr; PAT margin 6%.
• Q1FY27 EPS Rs 6.16 (basic and diluted).
• FY27E: revenue ~₹3,340 Cr; capacity ~334,400 MTPA; PAT ~₹175 Cr; EPS ~₹22.31.
• Revenue recognition from FY28 for BESS; initial EBITDA margin 6-8%.

Capital Structure & Liquidity

• Net debt-free since 4QFY24; plan to maintain through FY27.
• CRISIL ratings: A+/Stable (Long-term) and A1+ (Short-term).
• Capex funded via internal accruals; no external debt.
• Total equity ₹1,013 Cr; Total assets ₹1,444 Cr (FY26).

Strategic Priorities & Outlook

• FY27: sustain momentum; expand into newer geographies and end-use segments.
• Focus on capacity expansion, automation, and efficiency; expand international footprint.
• BESS entry: scalable, capital-efficient assembly model with ROCE 25-30%.
• Phase 1 BESS: 5 GWh by Q1 FY28; capex ₹150-200 Cr funded via internal accruals.
• Revenue from BESS recognised from FY28; initial EBITDA margin 6-8%.
• ROCE target 25-30%; payback 2-3 years.

Risks & Governance

• Macro, regulatory, currency risks; mitigated by diversified geography and scale.
• Board: Narrindra Suranna (Chairman/MD), Ddev Surana (CEO); Independent directors Mamta Binani, Samir Datta, Rajni Mishra.

Key approvals and changes

• Unaudited Q1 2026-27 results approved (quarter ended 30 June 2026).
• Statutory auditor's limited review report on Q1 results approved.
• Investor presentation for Q1 2026 approved.
• Rajni Mishra appointed as Additional Non-Executive Independent Director, effective 10 Aug 2026, subject to member approval.
• BESS Project relocated to Kolkata; rest of project details unchanged.
• New Bhiwadi manufacturing project commenced commercial production Apr 28, 2026, capacity 48,000 MTPA.
• Note: no subsidiary/associate/JV as of Jun 30, 2026.

Resignation of Ramya Hariharan

• Ramya Hariharan resigned as Independent Director effective 27 July 2026.
• She ceased as a member of Audit Committee and Nomination & Remuneration Committee from 27 July 2026.

Appointment of Rajni Mishra as Additional Independent Director

• Rajni Mishra appointed as Additional Non-Executive Independent Director effective 10 August 2026, subject to shareholder approval.
• Term: five consecutive years, subject to shareholders’ approval.
• Profile: ICSI member; HRM master's; governance and regulatory compliance experience; independent director on multiple boards.
• Will serve on Audit, Nomination & Remuneration, and Stakeholders' Relationship Committees from 10 August 2026.
• Directorships: Shyam Metallics and Energy; Western Carriers (India); Alpine Commercial; Swastik Plywood; Kalpana Industries.
• Disclosures: Nil relationships with other directors.

Committee Reconstitution

• Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee reconstituted from 10 August 2026.
• Reason: changes in Board composition.

Resignation of Independent Director

• Ramya Hariharan, Independent Director, resigned with immediate effect due to professional preoccupations.
• Ceased as Audit Committee and Nomination & Remuneration Committee member, effective 27 July 2026.
• TRF Limited — Stakeholders Relationship Committee member.
• Petro Carbon and Chemical Limited — Nomination & Remuneration Committee member.
• No other material reasons stated for resignation beyond those noted.

Resignation of Independent Director

• Ramya Hariharan, Independent Director, resigned effective 27 July 2026 due to professional preoccupations; Audit & NRC memberships vacated.