Chemplast Sanmar (CHEMPLASTS) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue reached ₹4,346 crore, up 11% year-over-year, with EBITDA at ₹219 crore, a significant rise from ₹26 crore in FY24.

• Net loss narrowed to ₹110 crore in FY25 from ₹158 crore in FY24, reflecting operational improvements despite persistent PVC industry headwinds.

• Audited standalone and consolidated results for FY25 were approved with an unmodified opinion; no dividend was declared.

• Specialty chemicals and custom manufacturing drove growth, while PVC segments faced margin pressure due to global oversupply and dumping.

• Announced a greenfield capex of ₹340 crore for R32 refrigerant gas production, reinforcing growth in specialty chemicals.

Financial highlights

• Q4 FY25 revenue was ₹1,151 crore, up 10% year-over-year; EBITDA for the quarter was ₹37 crore, up from ₹21 crore in Q4 FY24.

• Specialty chemicals revenue grew 53% year-over-year to ₹1,764 crore for FY25; value-added chemicals revenue was ₹504 crore.

• Suspension PVC revenue declined 6% year-over-year to ₹2,298 crore due to lower realizations and volumes.

• Net cash from operating activities improved to ₹146 crore in FY25 from negative ₹225 crore in FY24.

• Standalone revenue from operations for FY25 was ₹2,387.61 crore, up from ₹1,655.58 crore in FY24.

Outlook and guidance

• Specialty chemicals expected to drive future growth, with the R-32 refrigerant project as a key initiative.

• Management remains optimistic about improved pricing and demand revival in H2 FY26, especially if anti-dumping measures take effect.

• Custom manufacturing business on track to exceed ₹1,000 crore revenue in FY27, with potential to surpass guidance.

• Margins in specialty and suspension PVC expected to improve and sustain medium to long term due to global demand-supply tightness.