Transcript of Earning Conference Call held on 7th May 2026

Apcotex Industries reported strong Q4 FY '26 results with operating revenue of INR 398 crores (14% YoY growth) and EBITDA of INR 55 crores (42% YoY growth), with EBITDA margins improving to 13.76%. PAT grew 107% to INR 35 crores. For FY '26, operating revenue stood at INR 1,442 crores with EBITDA of INR 177 crores (42% YoY growth) and PAT of INR 101 crores (88% growth). The company is net cash positive with cash and investments exceeding borrowings by approximately INR 70 crores. Management highlighted several one-off items including INR 14 crores in employee benefit provisions (long-term incentive plan, pending litigations, gratuity policy changes) and INR 4 crores impairment on turbine assets. New NBR capacity is expected to come on stream in Q1 FY '28, which will nearly double NBR capacity. A new R&D center is being built with INR 20-25 crores investment. The company is running at near full capacity utilization across plants. The West Asia crisis caused raw material price volatility and some moderation in export demand, but management proactively secured raw materials to ensure uninterrupted operations.