Dear Sir, In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our letter dated August 14, 2025 regarding intimation of Conference ....
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Kesar Petroproducts submitted its Q1 FY26 earnings presentation along with the conference call transcript from August 19, 2025. The company reported a strong quarter with revenue from operations of Rs 4,953 lakhs, up 8.1% YoY, but EBITDA surged 148% YoY to Rs 921 lakhs, lifting EBITDA margin from 8.1% to 18.6%. Profit after tax nearly tripled to Rs 589 lakhs (PAT margin 11.9% vs 4.6% earlier), driven by a shift to higher-margin downstream pigments (Alpha Blue, Beta Blue) and improved capacity utilization. Management guided for 12-15% growth in both revenue and EBITDA margins for FY26, with Q1 levels expected to be sustained. The by-product fertilizer plant (complex NP fertilizers) is in water trials and expected to contribute 20-25% of revenue once stabilized in about two quarters, with full revenue recognition from January-February 2026. The company also plans 20-25% debt reduction this year and targets a net profit margin of 20.8% by FY27 aided by a new co-generation plant.
Strong Q1 results beat expectations with margins more than doubling YoY, signaling genuine operational improvement rather than a one-off. The forward guidance of sustained Q1 margins, capacity ramp-up, new by-product revenue, and active debt reduction is positive for shareholders and could lift valuation multiples. However, the fertilizer plant is still unproven (water trials ongoing) and global pigment realization is described as 'rock bottom,' so execution risk remains.