Q1 for Pyramid was like a college fest—lots of drums, plastic, and promises of solar lights powering the stage. Revenue dipped, but EBITDA danced up thanks to cost controls and better product mix. Management pitched solar, recycling, and Wada plant as the Avengers lineup of FY26. Shareholders, meanwhile, just want the stock to stop behaving like a background dancer. Read on, the fun begins with IBC market share claims and “rain delays” in solar commissioning.
EBITDA ₹14 cr (↑18% QoQ, ↑13% YoY) – Margins at 8.6%, better than last season’s 7.6%.
Net Profit ₹8 cr – Profit walked in late, but still made it to the party.
Gross Margin up – Input costs chilled; product mix brought some swag.
Capacity Utilization 73.4% – Plants still warming up, like IPL bowlers in April.
Stock price flat – Investors still waiting for the solar to shine on valuations.
3. Management’s Key Commentary
Jai Prakash Agarwal (CFO):
“We’re building a scalable, future-ready business with backward integration and fleet expansion.” (Translation: We now make our own drum caps and own 88 trucks—Amazon Flex, but make it desi.)
Bijay Kumar Agarwal (MD):
“IBC volumes grew 55% YoY, revenues 42%, contributing 37% of topline.” (IBC = the Shah Rukh Khan of their portfolio, aging well and still pulling crowds.)
“Solar project will cut ₹10 cr annual costs, commissioning delayed to September due to early rains.” (Solar power: India’s favorite excuse—always ‘coming soon,’ like a Bollywood sequel.)
“Wada plant to add ₹50–70 cr revenue in FY26.” (Assuming rains, machines, and labor holidays don’t sabotage Act 2.)
“Recycling unit will recycle 5,000 MT, payback in 3 years.” (Read: We’ll make money turning trash into cash. Sustainability with swag.)
4. Numbers Decoded
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Revenue – The Beat
₹164 cr
-23%
Demand muted, but plants ready to party next quarter.
