Further to our letter dated 10th July, 2025 and in terms of Regulation 30 read with Schedule III - Part A to the Listing Regulations, please find enclosed herewith the transcript of conference call on the Company s Q1 FY25-26 Earnings held on Thursday, 17th July, 2025.
CLEAN · price
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Clean Science reported a resilient Q1 FY26 with standalone revenue of INR 217 crores (down 9% QoQ) but a record-high EBITDA margin of over 46% since listing, driven by a favorable product mix where established products grew 8% YoY. Consolidated sales were INR 240 crores (up 8% YoY), with EBITDA of INR 100 crores at 42% margin. The HALS business is nearing monthly breakeven (INR 10 crores run rate) and management plans to commercialize premium HALS grades priced at $11-$35/kg over the next 2 quarters. Capex of INR 80 crores was deployed in Q1 for subsidiary Clean Fino-Chem, with Performance Chemical 1 set to begin commercial production in September 2025 and Performance Chemical 2 by Q4 FY26. Management moderated its full-year EBITDA growth guidance from 18-20% to 15-18% amid softer global demand in China, Europe, and tariff-affected US markets. Promoter Siddharth Sikchi clarified that a faction of the Boob family will sell ~24% of their stake (reducing total promoter holding from 75% to 51%) purely for estate planning, while he himself is not selling any shares.
Positives include record-high margins, HALS nearing breakeven, a $1.7 billion addressable market expansion over the next 3 quarters, and no loss of market share. Negatives include a 9% QoQ revenue decline, softer demand in key geographies, and a moderated EBITDA growth guidance. The 24% promoter stake sale by part of the Boob family could create short-term overhang on the stock, though the family retains 51% control.