IOL Chem and Pharma Q4 FY26 earnings call
In brief
IOL CP Q4 FY26 revenue rises 17.4% YoY to INR619 cr, EBITDA margin expands 251 bps to 15.2%; guides FY27 margin 14-14.5%.
- Management's tone
- Confident
- What was said
- Leaned positive
- Guidance
- Guidance held
- Analyst pushback
- Medium
- Stock, next session
- −2.01% (Nifty 50 +0.27%)
- Q4 FY26 revenue rose 17.4% YoY to INR619 cr; EBITDA margin expanded 251 bps to 15.2%; PAT grew 68% YoY to INR53 cr.
- FY26 capex of INR160 cr funded entirely through internal accruals; greenfield land identified for INR1,200-1,400 cr outlay over 4-5 years.
- FY27 guidance: mid-to-high teen revenue growth and EBITDA margin of 14-14.5%; annual capex guided at INR200-250 cr.
- Non-ibuprofen exports to regulated markets targeted at 25% in FY27, against Q4 FY26 pharma mix of 62% ibu and 38% non-ibu.
- Paracetamol utilization at 55% of new 10,800 MT capacity; guided to reach 70-75% in FY27 and full utilization by FY28.
An AI read of the company's transcript · the filing
The numbers
The quarter, Q4 FY26
| This quarter | A year ago | Last quarter | Margin | |
|---|---|---|---|---|
| Revenue | ₹619 cr | +17.4% | +6.7% | |
| EBITDA (excl. other income) | ₹92.5 cr | +47.4% | +100.7% | 14.9% (11.9% a year ago) |
| Net profit | ₹53.2 cr | +69.2% | +158.3% | 8.6% (6% a year ago) |
| EPS (₹) | ₹1.81 | +69.2% | +158.6% |
From the company's filed results for the quarter ended 31 Mar 2026 (consolidated), not from the call. EBITDA here excludes other income, so it can differ from the figure management quotes.
What moved the numbers, as management explained it
- Q4 EBITDA margin expanded 251 bps to 15.2% driven by operational efficiencies, higher capacity utilization and product mix improvement, with a small uptick in finished-goods prices in the latter half of the quarter.
- Top-line growth of 17.4% YoY supported by ramp-up of recently enhanced paracetamol capacity and higher utilization across ibu, metformin, clopidogrel and fenofibrate (running at 85-95%).
- PAT grew 68% YoY in Q4 on operating leverage and improved margins, with full-year FY26 PAT up 36% to INR138 cr.
- Chemicals business saw margin expansion from improved ethyl acetate spreads, which management said were better than March quarter levels for April and May.
- Inventory build to INR371 cr at year end; management flagged no meaningful one-off inventory gain as price uptick was late in the quarter. (one-off)
The numbers management led with
- FY26 capex: INR160 crores (internal accruals)
- Greenfield total capex: INR1,200-1,400 crores over 4-5 years
- Annual greenfield capex: INR200-250 crores
- Paracetamol capacity: 10,800 MT (up from 3,600 MT)
Guidance
Guidance on this call
| What | For | What management said |
|---|---|---|
| FY27 revenue growth | FY27 | Mid-to-high teen revenue growth for FY27, around 15-18% |
| FY27 EBITDA margin | FY27 | EBITDA margin of 14% to 14.5% for FY27 |
| FY27 annual capex | FY27 | Annual capex of INR200-250 cr on greenfield plus existing site |
| Greenfield total capex outlay | FY26-FY30 | Greenfield 100-acre site capex outlay of INR1,200-1,400 cr over 4-5 years |
| FY27 revenue target | FY27 | Targeting INR2,700 crores revenue in FY27 |
| Maximum revenue from existing capacity | — | Existing capacities can deliver INR3,200-3,300 cr at 100% utilization |
| Paracetamol capacity utilization | FY27 | Paracetamol utilization to reach 70-75% in FY27 and full by FY28 |
| Non-ibu exports to regulated markets (Non-ibu Pharma) | FY27 | Non-ibu exports to regulated markets targeted at 25% in FY27 |
| R&D spend | FY27 | R&D expenses at 2-3% of revenue annually |
| Employee benefit expense ratio | FY27 | Employee benefit expense at 9-10% of revenue |
What changed since the Thu 12 Feb 2026 call
| What | On the Thu 12 Feb 2026 call | On this call |
|---|---|---|
| FY27 revenue growth target (raised) | 10% to 15% revenue growth for FY27 | mid-to-high teen revenue growth, around 16-18% |
| FY27 EBITDA margin target (new) | No specific FY27 margin guidance given; H2 FY26 margin lowered to 11-12% | 14% to 14.5% EBITDA margin for FY27 |
| FY27 annual capex (raised) | INR150-200 cr annual capex (60% growth / 40% infra and automation) | INR200-250 cr annual capex |
| Greenfield expansion (new) | Not flagged | 100 acres near Bhatinda Highway acquired; INR1,200-1,400 cr total outlay over 4-5 years |
| Paracetamol capacity utilization (new) | Enhanced capacity commissioned; commercial final API launch targeted Q1 FY27 | 55% utilization on new 10,800 MT; targeted 70-75% in FY27, full by FY28 |
| Q4 FY26 revenue (achieved) | Guided INR600 crores | Achieved INR619 crores (+17.4% YoY) |
| Q4 FY26 EBITDA margin (achieved) | Guided approximately 11%, slightly better | Achieved 15.2% |
Guided on earlier calls, and what was filed
| What | For | Guided | Filed |
|---|---|---|---|
| Consolidated EBITDA margin | FY26 | at least 15% (on the Q4 FY25 call) | 11.1%, below the range |
| Consolidated revenue growth | FY26 | 10–15% (on the Q4 FY25 call) | 11.5%, within the range |
| Blended EBITDA margin | FY26 | 14–15% (on the Q1 FY26 call) | 11.1%, below the range |
| Revenue growth | FY26 | 10% (on the Q1 FY26 call) | 11.5%, above the figure guided |
| Quarterly top line | FY26 | ₹600 cr (on the Q1 FY26 call) | ₹2,319 cr, above the figure guided |
| H2 FY26 EBITDA margin | H2 FY26 | 13–14% (on the Q2 FY26 call) | 11.5%, below the range |
| H2 FY26 revenue growth | H2 FY26 | 10–12% (on the Q2 FY26 call) | 14.2%, above the range |
| Q4 FY26 revenue | Q4 FY26 | ₹600 cr (on the Q3 FY26 call) | ₹619 cr, above the figure guided |
| Q4 FY26 EBITDA margin | Q4 FY26 | 11% (on the Q3 FY26 call) | 14.9%, above the figure guided |
| FY26 blended EBITDA margin | FY26 | 11–12% (on the Q3 FY26 call) | 11.1%, within the range |
Filed figures are summed from the company's own quarterly results for the whole period (EBITDA excludes other income); where one sits against what was guided is arithmetic, not a judgement.
The business
By business
Pharmaceuticals (API)
Q4 FY26 pharma delivered highest-ever quarterly revenue with healthy traction across non-ibu products (Paracetamol, Metformin, Clopidogrel, Pantoprazole); Minoxidil launched and Pantoprazole capacity expanded.
Q4 pharma revenue contribution implied in INR619 cr total · Ibu 62% / non-ibu 38% mix of pharma Q4 · Non-ibu exports 20% of revenue currently · Paracetamol capacity utilization 55% on new 10,800 MT
Outlook: Non-ibu exports to regulated markets targeted at 25% in FY27; paracetamol utilization to reach 70-75% in FY27 and full by FY28.
Chemicals
Chemicals delivered strong Q4 with improvement in realisation and profitability; acetic anhydride and ethyl acetate ran at 98-100% utilization; Triacetin recently commissioned for integration and supply-chain efficiency.
Acetic anhydride and ethyl acetate capacity utilization 98-100% · Acetic anhydride ~50-60% captive, rest merchant · Ethyl acetate 100% merchant sale
Outlook: Capacity enhancements in ethyl acetate and acetic anhydride plus Triacetin commissioning expected to strengthen integration and supply-chain efficiencies.
Balance sheet, capex and funding
- FY26 capex of INR160 cr funded entirely through internal accruals; greenfield land 100 acres near Bhatinda Highway under regulatory approvals, capex yet to initiate.; capex_spent
- Planned annual capex of INR200-250 cr on greenfield plus existing site (60% growth / 40% infra and automation); total greenfield outlay INR1,200-1,400 cr over 4-5 years.; capex_planned
- Inventory at INR371 cr at year end; management highlighted efficient working capital management and healthy cash generation in FY26.; working_capital
- No debt-funding mentioned; FY27 capex to be funded via internal accruals; buyback not under Board consideration with growth projects prioritised.; funding
The industry, as management sees it
API demand from India increasing regularly; momentum expected to continue as European API investment remains subdued due to environmental regulations. IBU demand growing at 3-4% annually globally.
Risks management named
- Geopolitical volatility and global market uncertainty impacting raw material costs
- Logistics delays and cost increases due to geopolitical disruptions
- Dependency on China for key starting materials including metformin intermediates
- Raw material price inflation across crude-linked chemicals
- Quarter-to-quarter margin volatility due to dynamic global conditions
Q&A
Call saw robust analyst participation with 10 unique analysts covering capex strategy, margin sustainability, competitive dynamics, and export growth. Key areas of focus: (1) INR1,200-1,400 crores greenfield capex on 100 acres with 4-5 year timeline; (2) Q4 margin improvement attributed to operational efficiency not inventory gains; (3) IBU competitive advantage vs peer exiting; (4) non-IBU export expansion to 25% in FY27; (5) paracetamol capacity ramp to full utilization by FY28. Moderate pushback on quarterly guidance conservatism; management maintained FY27 targets of 15% revenue growth and 14-14.5% EBITDA margin. Call experienced brief technical disconnect during one exchange.
Not answered directly
- Specific product-wise pricing contribution
- Product-level margin breakdown for IBU vs non-IBU
- Acquisition interest in competitor's IBU assets
- Quarterly margin trajectory (management prefers annual view)
Asked for a number, answered without one
- Ibu vs non-ibu EBITDA margins: Management treats ibu and non-ibu as one segment and does not share product-wise margins; only blended company-level EBITDA guidance of 14-14.5% was given.
- Product-wise price contribution: Management declined to share product-wise price contributions, saying the spread has remained 'more or less same' as raw-material increases were also passed through.
Every question, with its answer
1. Greenfield capex
Jainam Ghelani, Svan Investments
Question. What is the timeline and quantum of capex for the new 100-acre land acquisition near Bhatinda?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. New land is under regulatory approvals; environmental clearance done, others awaited. Project expected in 4-8 quarters. Annual capex of INR200-250 crores through internal accruals; total outlay broadly INR1,200-1,400 crores over 4-5 years. Mix similar to existing plant — chemicals and API.
Follow-up. So almost INR1,000 crores with broad mindset for total outlay?
Answer. Broad mindset is around INR1,200-1,400 crores.
2. Margin sustainability
Jainam Ghelani, Svan Investments
Question. Did gross margin improvement in Q4 represent a one-off inventory gain or sustainable run-rate?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Not a one-off. Improvement due to operational efficiencies, good traction in non-Ibu, and capacity utilization. Price uptick in later part of March was partially offset by raw material price increases — not meaningful inventory gain. Expect margins to remain around current levels for next 1-2 quarters.
Follow-up. So 14-15% EBITDA margin range is sustainable?
Answer. Around 16-18%. For FY27, 15% growth in top line and 14% EBITDA margin expected.
3. Volume vs price growth
Maulik Varia, 360 One Capital
Question. What drove the growth in pharma and chemicals — volume growth or price?
Answer, Rakesh Mahajan, Finance Advisor and Strategic Head. Capacity utilization driving growth: IBU, Metformin, Clopidogrel, Fenofibrate at 85-95% (avg 90%); Paracetamol at 55% of new enhanced capacity; Chemicals (acetic anhydride, ethyl acetate) at 98-100%. Revenue increase primarily from volume and modest price increases complemented by raw material cost pass-through.
Follow-up. What caused the earlier demand weakness and is it sustainable?
Answer. Ibuprofen demand was lower 3-4 quarters ago due to overstocking in 2023-24 and new peer entry. Demand stabilized from October 2025; expect this level to sustain for 4-6 quarters. Paracetamol capacity utilization expected to rise to 75% in FY27 from current 55%.
4. Price increase impact
Maulik Varia, 360 One Capital
Question. Will Q1 see benefit from price increases?
Answer, Rakesh Mahajan, Finance Advisor and Strategic Head. Prices increased for finished goods with corresponding raw material cost pass-through to customers. Supplying to direct consumers limits scope for abnormal gains. Margins broadly sustainable at annual level.
Partly answered.
5. IBU competitive dynamics
Sachin Kasera, Svan Investments
Question. A peer mentioned IBU prices are not remunerative and plans to close assets — is this an IOL-specific advantage?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Not an issue for IOL. IBU is one of our best products evidenced by 90-95% capacity utilization. Maintain global leadership; no concerns for next 2-3 quarters.
6. Chemicals margin expansion
Sachin Kasera, Svan Investments
Question. Ethyl acetate spreads moved from $110-120 to ~$150-160 — is this correct and sustainable?
Answer, Rakesh Mahajan, Finance Advisor and Strategic Head. Correct. Capacity increased from 110,000 to 120,000 MT running at 98-100% utilization. Margin expansion from both capacity utilization and ethyl acetate price increase. Current spreads running much better than Q4.
7. R&D and regulated market strategy
Sachin Kasera, Svan Investments
Question. R&D spend and new product pipeline for pharma? Progress on increasing developed market revenue share?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. R&D at 2-3% of revenue annually (process R&D, not product development). Pipeline includes validation for upcoming products and ongoing products. Cover 80+ countries including Europe and LatAm. Non-IBU exports underway with CEP for all products; export numbers increasing in FY27. IBU exports at 45-50% including Europe.
Partly answered.
8. Price realization
Vignesh Iyer, Sequent Investments
Question. Is the price increase coming from export or domestic markets? Quantify price increase from February to now?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Cannot quantify product-wise prices. Price effect will be more in coming quarters. Improvement is result of company's operational efficiency efforts over past few quarters. Spread is more or less same — finished goods price increases offset by raw material cost increases.
Partly answered.
9. Raw material supply
Vignesh Iyer, Sequent Investments
Question. Any supply chain issues for raw material procurement?
Answer, Rakesh Mahajan, Finance Advisor and Strategic Head. Only one week in first week of March faced supply issues with crude-based chemicals and gas from government refineries. Resolved within a week with pro-rata supply mechanism. No other difficulties.
10. Segment mix and export strategy
Surabhi, NV Alpha Fund Management
Question. What is IBU vs non-IBU revenue contribution? Export share from regulated markets for non-IBU?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Q4 pharma: IBU ~62%, non-IBU ~38%. Non-IBU exports started 2 years ago and increasing yearly. Target 25% export share for non-IBU in FY27 (vs current ~20%). Export realization better than domestic for some products like Clopidogrel.
11. Capex and greenfield details
Sachin Kasera, Svan Investments
Question. What is the FY27 capex at existing and greenfield site? Product mix at greenfield? Timeline?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Greenfield not initiated except boundary development; approvals in process (environmental done). Expect most approvals in 3-4 months. Annual capex INR200-250 crores with same model as existing (chemicals and API). Project completion in 4-5 years.
Follow-up. Is the INR200 crores for growth or efficiency?
Answer. Mix of both — 60% growth, 40% infrastructure/automation/land. Largely for pharmaceuticals.
12. Paracetamol capacity ramp
Sachin Kasera, Svan Investments
Question. Paracetamol at 55% utilization of 10,800 MT — when will it reach full capacity?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. 55% is of new plant (up from 3,600 MT). Old plant running >100%. Expect 70-75% utilization in FY27, full capacity by FY28. New plant is fully automated; higher utilization will lower cost of production.
13. Capacity revenue potential
Harshit Singhania, RoboCapital
Question. What is the maximum revenue potential from existing capacities?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. At 100% utilization for all products, maximum revenue potential is around INR3,200-3,300 crores.
14. Customer base
Kenil, Boring AMC
Question. Customer base in regulated markets — generic giants, innovators, OTC players?
Answer, Abhay Raj Singh. All A-grade customers, top pharma customers, mix of generic and branded/OTC.
Follow-up. Products to scale to INR300-400 crores levels?
Answer. Clopidogrel, Pantoprazole have potential of INR100-150 crores in next 2 years. Paracetamol and Metformin are commodity products with high volumes.
15. M&A opportunity
Kenil, Boring AMC
Question. Is IOL interested in acquiring competitor's IBU assets?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Cannot comment on this due to regulatory and uncertainty reasons. No comments.
Not answered directly.
16. Segment margin
Vandit Dharamshi, Anantra Growth Capital
Question. Directional margin for IBU vs non-IBU business?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. IBU and non-IBU treated as one segment; product-wise margins not shared. FY26 blended margin 12.4%; expect 14-14.5% in FY27.
Follow-up. Growth potential for IBU business?
Answer. Yes, some growth expected in IBU with scope for capacity improvement and export market. Annual IBU demand growth rate of 3-4%.
Partly answered.
17. Near-term outlook
Ruchi, Vora Family Office
Question. Company position for next 3-6 months considering geopolitical situation?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Will maintain momentum for next 1-2 quarters. Prefer to gauge performance on yearly basis due to global dynamism. FY27 guidance: mid-teen revenue growth and 14-14.5% EBITDA margin.
18. US FDA status
Maulik Varia, 360 One Capital
Question. Any update on U.S. FDA inspection?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. U.S. FDA made two inspections; all products CEP-approved. Metformin and Fenofibrate approved without site visit. ANDAs filed for 2-3 products with questions answered; approval of formulator's ANDA will result in IOL approval.
19. Chemicals business mix
Sheikh Mohammad, Individual Investor
Question. Chemical business for in-house utilization vs merchant sale?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Acetic anhydride: 50-60% captive use for API backward integration, 40-50% merchant sale. Ethyl acetate: 100% merchant sale with no captive consumption.
20. Price increase
Sheikh Mohammad, Individual Investor
Question. Paracetamol price increase in India? Granules India said no price increase.
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Price increases across all products (chemicals and API) due to global disturbances, logistics problems, raw material price increases. Impact was in later part of March, driven by raw material costs.
21. Capital allocation
Sheikh Mohammad, Individual Investor
Question. Any buyback planned?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Not discussed in Board. Focusing on growth with 100-acre land and growth projects. Funds primarily for growth; buyback second option.
22. Triacetin strategy
Sheikh Mohammad, Individual Investor
Question. Purpose of Triacetin production?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. Provides technological and supply chain advantage internally. Wide applications in food, pharma, cosmetics, perfumery, cigarette filters. Import substitute.
23. Employee costs
Sheikh Mohammad, Individual Investor
Question. Employee benefit expenses rising from INR35-40 crores to INR70 crores — guidance?
Answer, Rakesh Mahajan. Increase due to variable pay provision and new plant headcount. Typically 10-12% of turnover (9-10%).
24. API localization and Europe demand
Kenil, Boring AMC
Question. R&D for import substitution from China? Decreasing API assets in Europe leading to more demand for India?
Answer, Abhay Raj Singh, Senior Vice President and Company Secretary. API demand from India increasing regularly; momentum to remain same. Demand increasing partly due to reduced European investment in API. No product planned for China import substitution currently.
What was said
Topic by topic, in the order it was spoken
Q4 & FY26 Financial Performance · Pradeep Khanna (CFO)
- Q4 revenue INR619 crores (+17.4% YoY); FY26 revenue INR2,319 crores (+11.5%)
- Q4 EBITDA INR94 crores (+40% YoY), margin 15.2% (+251 bps); FY26 EBITDA INR290 crores (+29%), margin 12.4% (vs 10.7% prior year)
- Q4 PAT INR53 crores (+68% YoY), margin 8.6% (+262 bps); FY26 PAT INR138 crores (+36%)
- FY26 capex INR160 crores funded through internal accruals; disciplined capital allocation maintained
- Company targeting mid-teens to high-teens revenue growth and gradual EBITDA margin improvement over medium term
Pharmaceutical Business Performance · Abhay Raj Singh (SVP & CS)
- Non-IBU API traction strong: Paracetamol, Metformin, Clopidogrel, Pantoprazole in improved demand
- Launched Minoxidil; expanded Pantoprazole capacity — diversification strategy progressing
- Q4 pharma: IBU ~62%, non-IBU ~38% contribution
- Non-IBU exports started 2 years ago, increasing yearly; targeting 25% export share in FY27
- All products CEP-approved; IBU exports at 45-50% to Europe and indirect US
Chemicals Business Performance · Abhay Raj Singh (SVP & CS)
- Chemical business delivered strong Q4 with improved realizations and profitability
- Ethyl acetate capacity increased to 120,000 MT, running at 98-100% utilization
- Acetic anhydride: 50-60% captive use for API backward integration, 40-50% merchant sale
- Ethyl acetate: 100% merchant sale
- Triacetin commissioned for technological and supply chain advantage; import substitute with wide applications (pharma, food, cosmetics)
Capacity Utilization Status · Rakesh Mahajan (Finance Advisor)
- IBU, Metformin, Clopidogrel, Fenofibrate: 85-95% capacity utilization (avg 90%)
- Paracetamol: 55% of new 10,800 MT capacity (up from 3,600 MT); old plant running >100%
- Ethyl acetate and acetic anhydride: 98-100% utilization
- Paracetamol expected to reach 70-75% utilization in FY27, full capacity by FY28
- Maximum revenue potential from existing capacity at 100% utilization: INR3,200-3,300 crores
Greenfield Expansion & Capex Strategy · Abhay Raj Singh (SVP & CS)
- 100 acres acquired near Bhatinda Highway; environmental clearance secured, other approvals awaited
- Project expected in 4-8 quarters; full commissioning in 4-5 years
- Total outlay broadly INR1,200-1,400 crores; annual capex INR200-250 crores through internal accruals
- Capex mix: 60% growth, 40% infrastructure/automation/land; largely for pharmaceuticals
- Product mix similar to existing plant — chemicals and API
FY27 Guidance & Growth Outlook · Pradeep Khanna (CFO) and Abhay Raj Singh
- FY27 revenue growth guidance: 15% (mid to high-teen); may be +/- 1-2%
- FY27 EBITDA margin guidance: 14% (14-14.5% range)
- Target INR2,700 crores revenue in FY27
- Non-IBU export target: 25% in FY27 (vs current ~20%)
- Clopidogrel and Pantoprazole potential of INR100-150 crores each in next 2 years
- IBU demand annual growth rate: 3-4%
R&D and New Product Development · Abhay Raj Singh (SVP & CS)
- R&D spend: 2-3% of revenue annually (process R&D, not product development)
- Two R&D functions: validating processes for upcoming products and ongoing product optimization
- Strong product pipeline; products announced when commercial decision made
- No immediate plans for China API import substitution
Regulatory and Quality Updates · Abhay Raj Singh (SVP & CS)
- U.S. FDA conducted two inspections; all products CEP-approved
- Metformin and Fenofibrate approved by US FDA without site visit
- 2-3 product ANDAs filed by formulators; IOL approval follows formulator ANDA approval
- Cover 80+ countries including Europe, Brazil, LatAm with CEP for all products
In their words
This is one of the best product [IBU], and that is witnessed by the capacity utilizations we are doing now and for last few quarters. We are maintaining our leadership globally.
Considering the maximum possible revenue can be generated from the existing capacities, if we achieve 100% for all, this will be around INR3,200 crores to INR3,300 crores.
The existing paracetamol plant is fully automized. And because we have started around three, four quarters ago, the increase in the capacity utilization will result in the lower cost of production.
To check next time
What management committed to on this call, or the dates they gave.
- Progress on greenfield approvals and start of capex at the 100-acre Bhatinda site within the next 3-4 months
- Paracetamol capacity utilization ramp-up toward 70-75% in FY27
- Sustainability of Q4 EBITDA margin of 15.2% into Q1 FY27 as price uptick benefit was late in the quarter
- Non-ibu exports to regulated markets trajectory toward 25% target in FY27
- Triacetin ramp-up and contribution to integration
- Updates on Minoxidil commercial ramp post-launch and Pantoprazole capacity utilization
Transcript
We have not transcribed this call's recording. Read the company's transcript (PDF).
The stock after the call
| After the call | Close | Stock | Nifty 50 |
|---|---|---|---|
| Next session Fri 22 May 2026 | ₹118.73 | −2.01% | +0.27% |
| 5 sessions Fri 29 May 2026 | ₹128.98 | +6.45% | −0.45% |
| 20 sessions Fri 19 Jun 2026 | ₹130.21 | +7.46% | +1.52% |
From the close of Thu 21 May 2026, ₹121.17: the close before the call day (the call's time is not on file). Adjusted daily closes; the move includes everything else that happened in those sessions.