Transcript of Investors/Analysts Call held on May 29, 2026.
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SK Minerals reported FY26 revenue of Rs. 318 crores, up 50% YoY, with EBITDA margin improving from 9% to 10% and PAT margin from 5% to 6%. Sales volume rose to 46,000 metric tons (from 33,000 MT), with in-house manufacturing capacity climbing to ~4,600 MT. The company plans Rs. 20 crores of CAPEX over FY27–FY28 to scale polymer additives capacity from 600 MT to 18,000 MT over the next 12–18 months. A new halogen-free flame retardant plant (400 MT/month) — claimed to be first-of-its-kind in India — is currently in trials with 5 customers and 2 NDAs signed, expected to fully ramp up in 3–6 months with ~40% gross margins. Current order book stands at Rs. 55 crores (Rs. 42 cr government, Rs. 13 cr private). Management targets raising the manufacturing share of revenue from 23% to 50% over 2–3 years and plans to file 3 patents in the next 6 months.
Positive medium-term outlook as the shift toward higher-margin manufactured products and a unique domestic flame retardant could lift profitability, but H2 FY26 margins did contract due to raw material inflation, and the polymer additives ramp-up carries execution and customer-acceptance risk. Working capital cycle remains elevated at 110 days.