Metrics raised 4
- Value-added product revenue share target raised to ~65% (from ~40% currently)
- rPET granules capacity target raised to 42,000 TPA (ramping up from current levels)
- Warangal capacity utilization target increased: ramp-up from current 72%
- Warangal brownfield capacity expansion target set at +22,500 TPA (current total installed capacity 218,940 TPA)
Event Participants
Executives
8 Shyam Sunder Sharmma, Sharad Sharma, Vishnu Dutt Khandelwal, Rajesh Sharma, Jagat Jit Singh, Dr. Shobha Chaturvedi, Akshay Kumar Gupta, Rajiv Kumar Saxena
Analysts
0 No analyst participation - filing is an investor presentation without Q&A session
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Consolidated Revenue from Operations | ₹423.67 crores | Flat QoQ (-0.1%), +25.7% YoY driven by volume growth and product mix improvement |
| Consolidated EBITDA | ₹59.8 crores | +14.1% QoQ, +64.7% YoY; margin expanded 176 bps QoQ to 14.1% on productivity gains and higher operating rates |
| Consolidated EBITDA Margin | 14.1% | Up from 12.4% in Q4FY26 and 10.8% in Q1FY26; EBITDA/ton improved to ₹14.9k from ₹11.6k QoQ |
| Consolidated PAT | ₹29.03 crores | +25.1% QoQ, +170% YoY; strong profitability despite 11.2% sales volume decline |
| Consolidated Sales Volume | 40,113 MT | -11.2% QoQ due to 13.4% drop in standalone volumes; +19.2% YoY |
| Consolidated Production Volume | 42,826 MT | +3.8% QoQ, +18.8% YoY; legacy units at 102% capacity, Warangal at 72% |
| Consolidated EPS | ₹10.86 | +25.1% QoQ, +157% YoY |
| Standalone Revenue from Operations | ₹262.30 crores | +0.8% QoQ, +18.4% YoY |
| Standalone EBITDA | ₹23.8 crores | +13.9% QoQ, +156% YoY; margin expanded 103 bps QoQ to 9.1% |
| Standalone EBITDA Margin | 9.1% | Up from 8.0% in Q4FY26 and 4.2% in Q1FY26; EBITDA/ton improved to ₹9.4k from ₹7.2k QoQ |
| Standalone PAT | ₹13.75 crores | -16.2% QoQ (other income dropped ₹6.3 cr on loan-to-equity conversion), +79.5% YoY |
| Standalone Sales Volume | 25,321 MT | -13.4% QoQ, +5.3% YoY; weaker demand amid higher polymer prices and geopolitical tensions |
| Standalone Production Volume | 29,234 MT | +3.6% QoQ, +15.1% YoY |
| Consolidated Finance Costs | ₹8.87 crores | Stable QoQ (+0.9%), -9.9% YoY |
| Standalone Finance Costs | ₹2.00 crores | +44.9% QoQ, +51.5% YoY |
| Consolidated Depreciation | ₹17.34 crores | +1.0% QoQ, +11.9% YoY |
| Standalone Depreciation | ₹6.85 crores | -5.1% QoQ, +16.7% YoY |
| Total Installed Capacity | 218,940 TPA | Across 6 facilities; Warangal expansion of 22,500 TPA underway |
| PET Waste Recycled Daily | ~450 tons | 300+ supplier network pan-India; 8.5+ billion bottles recycled annually |
Geographic & Segment Commentary
Consolidated Operations: Revenue flat QoQ at ₹423.7 cr but EBITDA surged 14% to ₹59.8 cr with margin expansion to 14.1% (vs 12.4% QoQ). PAT grew 25% to ₹29.0 cr. Sales volumes declined 11.2% QoQ to 40,113 MT due to standalone weakness, but production rose 3.8% to 42,826 MT reflecting operational efficiency.
Standalone Operations (Kanpur, Bilaspur, Temra, Rudrapur): Revenue grew 0.8% QoQ to ₹262.3 cr. EBITDA margin improved 103 bps to 9.1% on productivity gains. PAT fell 16% QoQ to ₹13.8 cr due to other income dropping from ₹9.9 cr to ₹3.5 cr after subsidiary loan-to-equity conversion. Sales volumes fell 13.4% QoQ to 25,321 MT amid higher polymer prices and geopolitical headwinds. Legacy units operated at 102% capacity.
Warangal Subsidiary (Ganesha Ecopet): Operating at 72% capacity (rPET chips 64,500 TPA, filament yarn 12,240 TPA, RPSF 12,600 TPA, PPSF 10,800 TPA). Brownfield expansion of 22,500 TPA underway. Key driver for consolidated margin outperformance vs standalone.
Nepal Subsidiary (Ganesha Ecotech): 12,000 TPA washed flakes capacity. Supports raw material security for the group.
International (Ganesha Overseas): Reaches 400+ customers across 16+ countries. Working with 40+ global brands on rPET product approvals for sustainability goals.
Company-Specific & Strategic Commentary
GoRewise Brand & Next-Gen Recycling: Launched GoRewise brand with super-clean technology (USFDA, EFSA, FSSAI approved for food-grade; GRS/Oekotex certified for fibers). Portfolio includes rPET bottle-grade chips and specialty fibers/yarns targeting F&B packaging and sustainable apparel brands. Zero liquid discharge at Warangal, 90% water recycling.
Value-Added Product Mix Shift: Targeting 65% revenue from value-added products (vs 40% currently) via rPET granules ramp-up to 42,000 TPA, bottle-grade chips, and technical/household textiles. Working with 40+ brands across approval stages.
Capacity Expansion & Integration: Warangal brownfield expansion of 22,500 TPA underway. JV with Race Eco Chain (49:51) secures PET flakes supply via hub-and-spoke model. 16.53 MWp rooftop solar across facilities for renewable energy transition.
Raw Material Security: 300+ supplier network mobilizing ~450 tons/day PET waste. 150,000+ MTPA converted in FY26. EPR regulations (50% recycled content target for rigid plastics by FY25, 80% by FY28) creating structural demand tailwind.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Value-Added Product Revenue Share | ~65% (from 40% currently) | Driven by rPET granules capacity expansion to 42,000 TPA, bottle-grade chips, and specialty textiles; timeline not specified |
| rPET Granules Capacity | 42,000 TPA | Ramping up from current levels to meet growing bottle-grade demand fueled by EPR mandates |
| Warangal Capacity Utilization | Ramp-up from 72% | Brownfield expansion of 22,500 TPA underway; additional food-grade approvals secured |
| Overseas Market Share | Increase in technical & household textiles | Participation in international events/exhibitions to strengthen global presence |
| Brand Approvals | 40+ brands across approval stages | Targeting sustainability-focused F&B and apparel brands for rPET supply agreements |
Risks & Constraints
| Risk | Context |
|---|---|
| Demand Softness & Polymer Price Volatility | Consolidated sales volumes fell 11.2% QoQ (standalone -13.4%) due to weaker demand amid higher polymer prices and geopolitical tensions; margin resilience offset volume decline but sustained pressure could compress spreads |
| Warangal Ramp-Up Execution | Unit operating at only 72% capacity; 22,500 TPA brownfield expansion underway; food-grade approvals recently secured; delayed ramp-up would defer consolidated margin accretion and ROI |
| Standalone Other Income Volatility | Other income dropped 64% QoQ (₹9.86 cr → ₹3.53 cr) due to discontinuation of interest on subsidiary loans converted to equity; creates earnings volatility and masks operational improvement |
| EPR Implementation Uncertainty | While regulations mandate 50-80% |