Ddev Plastiks Q1 FY26 Concall Decoded – Plastic Fantastic & Cable Ka Magic

1. Opening Hook

India cut repo rates by 100 bps, RBI printed dividends like Diwali lottery, and the government sprayed capex like Holi colors. Amid all this, Ddev Plastiks decided to play “Bhidu of cables” — feeding every wire-maker in town. Adani and UltraTech entering wires? Ddev says, “Bhai, hum toh sabko compound supply karenge.” The quarter was strong, but management speeches sounded like a Budget speech on steroids. Spoiler: PVC, XLPE, and HFFR are the three Avengers here. Keep reading — this gets filmy.

2. At a Glance

• Revenue ₹769 Cr (↑23%) – Sales ran faster than Delhi Metro on trial run.
• EBITDA ₹79 Cr (10% margin) – Margin finally hit double digits, CFO doing happy dance.
• PAT ₹52 Cr (7% margin) – Profits healthy, not gym-body level but beach-ready.
• Volumes 52,000 tons (↑11%) – Plants running at 87% utilization, sweating harder than JEE aspirants.
• Capex ₹110 Cr planned – Adding PVC, XLPE, HFFR capacity like Indian parents adding tuition classes.

3. Management’s Key Commentary

“Indian economy is resilient despite global chaos.”
(Translation: World is fighting, India is shopping.)

“Revenue grew 23% with volume up 13% and ASP up 9%.”
(Translation: We sold more and charged extra—MBA dream achieved.)

“Our 132 kV certification will come by FY27.”
(Translation: Parents gave deadline, child will somehow submit project late but pass.)

“UltraTech & Adani will enter wires, but they’ll buy PVC from us.”
(Translation: Even Ambani needs Jio SIM cards made by someone else.)

“HFFR demand will hit 1,00,000 tons by 2030.”
(Translation: Solar cables will burn bright; we’ll supply the sunscreen.)

“Market share in XLPE is ~33%, we aim for 50%.”
(Translation: Monopoly dreams without SEBI getting suspicious.)

“Exports grew 3% despite wars; redirected volumes to domestic.”
(Translation: Global trade ka drama, Indian jugaad ka solution.)

4. Numbers Decoded

5. Analyst Questions

Q (IDBI): Break 23% growth?
Mgmt: 13%