Chemplast Sanmar
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Chemplast Sanmar (CHEMPLASTS) investor relations material

Chemplast Sanmar Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary9 Feb, 2026

Executive summary

  • Q3 FY26 was the most challenging quarter in three years, with consolidated revenues of INR 835 crores and a net loss of INR 119 crores, impacted by weak demand, regulatory setbacks, and production disruptions.

  • Significant pricing pressure across products led to negative EBITDA and PAT, but strategic initiatives, cost control, and capacity expansions in specialty chemicals and refrigerant gases continued.

  • Suspension PVC faced seasonal demand decline, weather disruptions, and regulatory uncertainty, but early signs of pricing revival emerged due to Chinese policy changes.

  • Paste PVC demand remained stable, with full capacity utilization at the Cuddalore facility and visible price improvements post-quarter.

  • Leadership transition announced, with the Managing Director stepping down effective April 2026.

Financial highlights

  • Consolidated Q3 FY26 revenue was INR 835 crores, down 21% year-over-year and 19% sequentially.

  • Net loss for Q3 FY26 was INR 119 crores, compared to a net loss of INR 48.82 crores in Q3 FY25.

  • For the nine months FY26, revenue was INR 2,968 crores, EBITDA at INR 4 crores, and net loss at INR 234 crores.

  • Q3 FY26 EBITDA was negative INR 57 crores, compared to positive INR 32 crores in Q3 FY25.

  • One-time impact of INR 2.68 crores due to new labor codes.

Outlook and guidance

  • Management expects Q3 to be the bottom of the PVC cycle, with demand and prices improving in January and February.

  • Suspension PVC market sentiment has improved due to the withdrawal of Chinese export tax rebates, expected to reduce dumping and support prices.

  • Custom Manufactured Chemicals segment maintains a target of INR 1,000 crore revenue by FY28, with a delay of a few quarters due to slow ramp-up of new molecules.

  • R32 refrigerant gas project expected to generate INR 600 crores in annual revenue after full ramp-up.

  • Margins in specialty paste PVC and suspension PVC expected to improve over the medium to long term as demand-supply tightness persists.

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Q4 25/2615 May, 2026
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