Sigachi Industries LtdChemicalsSIGACHI
Q1 FY27 concall · earnings callSigachi Industries Ltd
Sigachi reported steady Q1 results with improved MCC realizations and is progressing on capacity expansions while targeting a significant revenue ramp-up and margin improvement for the full year.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Operating Income | ₹121.27 Cr | — | |
| EBITDA | ₹16.5 Cr | — | |
| EBITDA Margin | 13.6% | — | |
| Net Profit | ₹8.14 Cr | — | |
| PAT Margin | 6.76% | — | |
| MCC Revenue | ₹82.74 Cr | — | |
| O&M Revenue | ₹13.06 Cr | — | |
| API Revenue | ₹21.68 Cr | — |
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 | ₹139.42 Cr+25.7% YoY+11.6% QoQ | ₹20.51 Cr+27.3% YoY-2.4% QoQ | ₹0.65+27.5% YoY-1.5% QoQ |
| Q2 FY25 | ₹124.90 Cr+25.9% YoY+30.5% QoQ | ₹21.02 Cr+39% YoY+64.7% QoQ | ₹0.66-86.6% YoY+65% QoQ |
| Q1 FY25 | ₹95.71 Cr+13% YoY-8.1% QoQ | ₹12.76 Cr+17.3% YoY-15.9% QoQ | ₹0.40-88.7% YoY-16.7% QoQ |
| Q4 FY24 | ₹104.13 Cr+43.8% YoY-6.1% QoQ | ₹15.17 Cr+107.2% YoY-5.8% QoQ | ₹0.48-79.8% YoY-5.9% QoQ |
| Q3 FY24 | ₹110.95 Cr+61.1% YoY+11.9% QoQ | ₹16.11 Cr+64.1% YoY+6.5% QoQ | ₹0.51-84.1% YoY-89.7% QoQ |
TL;DR
- Q1 revenue was INR121.27 crores with EBITDA of INR16.5 crores (13.6% margin) and PAT of INR8.14 crores.
- MCC capacity expansion to 30,000 MTPA is on track for Q2 FY28, and a new CCS facility is under development.
- Management reiterated full-year revenue guidance of INR650-675 crores and an 18% EBITDA margin target.
- MCC average realization improved to INR241.36 per kg from INR216 per kg in the previous quarter.
- The company expects to settle a significant insurance claim by September 2026.
Said on the call
“We enter FY27 with a clear focus, execution, innovation and creating sustainable value.”
From the Q&A
| Topic | What management said |
|---|---|
| MCC Demand and Pricing | Management stated MCC realizations increased to INR241.36/kg from INR216/kg last quarter, citing quality and regulatory compliance as key differentiators, and expects the Asia Pacific market to grow at 7-8% CAGR. |
| Capacity Expansion and Utilization | The 12,000 MTPA MCC expansion at Dahej-2 is on schedule for Q2 FY28. Current MCC capacity is 18,000 MTPA, with utilization at 76.8% in Q1; management expects to reach ~95% utilization by year-end through debottlenecking. |
| Full-Year Guidance | Management reaffirmed revenue guidance of INR650-675 crores and an 18% EBITDA margin for FY27, expecting a ramp-up in subsequent quarters, particularly in API and O&M segments. |
| Insurance Claim | The insurance claim for a past incident is under assessment; the company expects to receive the full claim (with a possible discount) or an ad-hoc amount by September 2026. |
| API Business Ramp-up | API revenue was INR21.68 crores in Q1; management expects it to grow with new molecules like Sparsentan and Bempedoic Acid, targeting over INR100 crores for the full year. |
| CCS Project | The 1,800 ton Croscarmellose Sodium (CCS) facility at Dahej SEZ is under development, targeting FY28 commissioning. Management expects CCS margins to be 'far more healthier' than MCC, potentially above 25%, and is already receiving inquiries from export customers. |
| Capital Expenditure and Funding | Capex planned is over INR100 crores in FY27 and INR150-200 crores in FY28, to be funded via a mix of debt (the company is currently debt-free) and potential equity/preferential issue. |
Guidance
- Revenue guidance of INR650-675 crores for FY27.
- Full-year EBITDA margin target of 18%.
- Dahej-2 MCC capacity expansion (12,000 MTPA) targeted for commissioning in Q2 FY28.
- Expect to receive insurance claim settlement (full or ad-hoc) by September 2026.
- API business expected to contribute over INR100 crores in FY27.
- CCS facility (1,800 tons) commissioning targeted for FY28.
Source
Summary written from the transcript filed by Sigachi Industries Ltd for the call held on 13 Aug 2026; published 20 Aug 2026, 21:05 IST.
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