Chemplast Sanmar (CHEMPLASTS) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue reached ₹4,346.07 crore, up 11% year-over-year, with EBITDA at ₹219 crore, a significant rise from ₹26 crore in FY24.

• Net loss narrowed to ₹110.36 crore in FY25 from ₹158.43 crore in FY24, reflecting operational improvements despite persistent PVC industry headwinds.

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

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

• 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 for FY25 was ₹1,764 crore, up 53% year-over-year; value-added chemicals revenue rose 24% to ₹624 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 ₹171.67 crore (consolidated) and ₹218.81 crore (standalone) in FY25.

• Consolidated total comprehensive income for FY25 was ₹367.85 crore, reflecting significant revaluation gains.

Outlook and guidance

• Specialty chemicals expected to drive future growth, with the R-32 refrigerant project (₹340 crore CapEx) targeted for completion by October 2025.

• Guidance for custom manufacturing business remains at ₹1,000–1,100 crore revenue by FY27, with potential to surpass.

• Anticipates improved pricing and demand environment in H2 FY26, especially if anti-dumping measures take effect.

• Margins in Specialty Paste PVC and Suspension PVC expected to improve and sustain medium to long term due to global demand-supply tightness.

• Custom Manufacturing revenue likely to grow with new facility commissioning and robust product pipeline.