Pyramid Technoplast LimitedChemicalsPYRAMID
Q1 FY27 concall · earnings callPyramid Technoplast Limited
Pyramid started FY27 with a structurally healthier operating platform, demonstrating resilient unit economics with improving EBITDA per ton despite a near-term volume disruption.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹222 Cr | 36% YoY | |
| EBITDA Margin | 10% | — | |
| PAT | ₹10.5 Cr | 32% YoY | |
| EBITDA per Ton | Rs 16,380 | — | |
| Capacity Utilization | 62% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹153.35 Cr+19.5% YoY+15.2% QoQ | ₹6.79 Cr+5.4% YoY+18.9% QoQ | ₹1.85+5.1% YoY+18.6% QoQ |
| Q2 FY25 | ₹133.14 Cr+0.9% YoY-0.4% QoQ | ₹5.71 Cr-27.3% YoY-24.6% QoQ | ₹1.56-34.2% YoY-24.3% QoQ |
| Q1 FY25 | ₹133.62 Cr-3.5% YoY0% QoQ | ₹7.57 Cr-2.4% YoY+3.8% QoQ | ₹2.06-17.6% YoY+7.3% QoQ |
| Q4 FY24 | ₹133.65 Cr— YoY+4.2% QoQ | ₹7.29 Cr— YoY+13.2% QoQ | ₹1.92— YoY+9.1% QoQ |
| Q3 FY24 | ₹128.32 Cr— YoY-2.7% QoQ | ₹6.44 Cr— YoY-18% QoQ | ₹1.76— YoY-25.7% QoQ |
TL;DR
- Revenue grew 36% YoY to Rs 222 Cr driven by price increases, but HDPE drum tonnage was down 4% and IBC volumes impacted by export demand.
- EBITDA grew 50% YoY to 10% margin, while PAT grew 32% YoY to Rs 10.5 Cr despite sharp rises in financial cost and depreciation.
- EBITDA per ton increased to approximately Rs 16,380, up from Rs 15,053 in Q4FY26.
- Capacity utilization was 62%, impacted by a slowdown in exports, but management targets 70-75% by year-end.
- New Kutch expansion announced: Rs 20-25 Cr investment for 10,000 IBC units/month, expected by March 2027.
- Government subsidy approvals received: Rs 24.9 Cr for WADA and Rs 10.5 Cr for Bharuch, spread over 10 years.
Said on the call
“The last phase was about building capacity. FY27 and the years ahead are about filling that capacity and converting it into stronger earnings and returns.”
From the Q&A
| Topic | What management said |
|---|---|
| Capacity Utilization & Volume Outlook | Management states overall utilization will reach 70-75% by year-end; the 62% level was impacted by export slowdown due to Middle East war, but volume should improve from next quarter as freight rates ease. |
| EBITDA Margin Trajectory | Management expects EBITDA margin to improve to 11-12% as polymer selling price (currently Rs 160/kg) normalizes to around Rs 140/kg; the current high selling price inflates revenue value but depresses margin percentage. |
| Kutch Expansion Details | The new Kutch facility requires Rs 20-25 Cr capex, targets 10,000 IBC units/month, with an initial revenue estimate of Rs 50 Cr, expected commissioning by March 2027; payback period is about 4 years. |
| Solar & Recycling Benefits | Solar savings were Rs 2 Cr in Q1; the full 14.25 MW capacity is expected to deliver Rs 15 Cr annual savings starting FY28. The recycling plant generated Rs 25 lakh EBITDA in Q1 with a full-year estimate of Rs 2 Cr. |
| Raw Material Price Fluctuations | Management expects polymer resin price to fall by Rs 20/kg in the next 2-3 months, from Rs 160 to Rs 140, which will support volume growth and margin expansion. |
| Government Subsidies | Subsidies of Rs 24.9 Cr (WADA) and Rs 10.5 Cr (Bharuch) are spread over 10 years, expected to start this financial year, contributing approx. Rs 3.5 Cr per year. |
| Debt & Finance Cost | Finance cost was Rs 3.5 Cr in Q1; management expects it to be around Rs 3 Cr per quarter by year-end. Working capital increased due to higher raw material prices. |
Guidance
- Deliver approximately 15% revenue growth in FY27.
- Achieve EBITDA margins upwards of 10%, with a target of 11-12%.
- Overall capacity utilization to reach 70-75% by year-end.
- WADA facility utilization to reach 80% during the year.
- Full solar capacity (14.25 MW) expected to deliver around Rs 15 Cr of annual savings.
- FY27 Capex planned at approximately Rs 20 to 25 Cr.
Source
Summary written from the transcript filed by Pyramid Technoplast Limited for the call held on 18 Aug 2026; published 18 Aug 2026, 21:01 IST.
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