Q1 FY27 earnings call: 27% revenue growth, Dow Chemical silicones partnership
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Q1 FY27 revenue up 27% YoY at INR 3,266 million; EBITDA up 31% at INR 1,028 million (31% margin); PAT up 33% at INR 627 million. Key highlight: exclusive multi-year research tie-up with Dow Chemical for new silicone manufacturing tech in India, targeting a $1 billion domestic market. CEM model runs at 28-30% EBITDA margins, aimed at 70%+ of revenue. Magnum Site 5 (INR 2,200-2,300 crore investment) ramping; first semiconductor block targeted by September 2026. FY27 capex guided at INR 3,000-3,500 million.
Strong quarterly print and Dow partnership open a new silicones platform, but heavy capex and no firm revenue timeline from new ventures may limit near-term upside.