Earnings Call Transcript of Conference Call with Investors and Analysts held on February 02, 2026
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Mitsu Chem Plast reported strong Q3 FY26 results with total income of INR 86.09 crores (up 6.9% YoY) and a sharp jump in profitability — EBITDA rose 73.35% YoY to INR 9.54 crores with margin expanding 426 bps to 11.10%, while net profit surged 217% to INR 4.71 crores. For 9M FY26, revenue grew 8.9% to INR 264 crores, EBITDA rose 35.7% to INR 20.4 crores, and net profit more than doubled to INR 7.9 crores. Management reiterated the long-term goal of INR 1,000 crores revenue by FY28, requiring roughly doubling of current installed capacity of 29,000+ metric tons, and guided 8-10% EBITDA margin as structurally sustainable with potential to improve at higher turnover. Capacity expansion (Unit 4 plus additional plants) is underway, current utilization stands at 65%, debt is around INR 63-64 crores, and 80% of business comes from the top 30-35 customers with 65-70% repeat orders.
The sharp jump in Q3 margins and profitability is a positive signal showing operational leverage, but the credibility of the ambitious FY28 INR 1,000 crores revenue target hinges on significant capacity addition that is still being finalized — management remained vague on capex quantum, funding plans, and the detailed sales ramp path, which may keep investor skepticism high until more clarity emerges.