GMM Pfaudler (505255) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue was ₹801 crore, stable sequentially, with EBITDA up 3% from Q2 FY25 and margin improving to 12.0%.

• Order intake for Q3 FY25 reached ₹798 crore, up 5% sequentially; order backlog at ₹1,740 crore, up 7% year-over-year.

• PAT for Q3 FY25 was ₹40 crore, with a PAT margin of 5.0% and EPS at 9.23.

• The company is seeing early signs of recovery in glass-lined equipment volumes and pricing, with stabilization after previous declines.

• Diversification into non-glass-lined businesses, heavy engineering, and new industry verticals is driving growth and offsetting chemical and pharma sector slowdowns.

Financial highlights

• Q3 FY25 consolidated revenue at ₹801 crore, down 6% year-over-year; EBITDA at ₹96 crore, down 16% year-over-year.

• PAT for Q3 FY25 at ₹40 crore, up 43% year-over-year; PAT margin improved to 5.0% from 3.3% in Q2 FY25.

• 9M FY25 revenue at ₹2,392 crore, down 12% year-over-year; EBITDA at ₹278 crore, down 28%; PAT at ₹77 crore, down 47%.

• Standalone Q3 FY25 revenue at ₹238 crore, up 14% sequentially; PAT at ₹12 crore, up 50% sequentially.

• International Q3 FY25 revenue at ₹600 crore, down 10% year-over-year; EBITDA at ₹69 crore, down 20%.

Outlook and guidance

• Management remains cautiously optimistic, expecting further recovery in chemical and pharma over the next few quarters, with investments in agrochemicals anticipated to return.

• Margin improvement is expected to continue, but management is conservative about the pace of recovery and market turnaround.

• The company aims to further improve EBITDA margins and volume in the next financial year, but refrains from giving specific guidance.

• Opportunity pipeline remains stable across geographies; product mix continues to evolve.