While India debated gold prices this Diwali, Pondy Oxides quietly made its lead shine brighter. The company didn’t just recycle batteries — it recycled profits too, posting its strongest-ever quarter. CEO Ashish Bansal flexed an 8%+ EBITDA margin like it was a new alloy discovery, and CFO Vijay cracked balance sheet jokes with a ₹71 crore net cash punchline.
From talking lithium-ion dreams for 2027 to roasting the copper CAPEX skeptics, this concall had everything — ambition, sarcasm, and just enough chemistry to make analysts blush. Stick around — the real metals alchemy begins after the numbers. 😏
2. At a Glance
Revenue ₹635 Cr (↑11% YoY): Apparently recycling pays better than IPOs now.
EBITDA ₹55 Cr (↑84% YoY): Efficiency > Expansion, finally proven in India.
EBITDA Margin 8.6%: The new cult number at POCL.
PAT ₹36 Cr (↑105% YoY): Doubled, without doubling plant size.
Exports 61% of revenue: Foreign buyers trust Indian scrap more than Indian banks.
Net Cash ₹71 Cr: A metals company without debt — call SEBI, this needs verifying.
Lead Volumes 26,308 MT (↑9% QoQ): Every tonne carried a bigger smile this quarter.
3. Management’s Key Commentary
Ashish Bansal: “We achieved our highest-ever quarterly and half-yearly performance.” (Translation: Even our Excel sheets couldn’t believe it at first.)
Vijay Balakrishnan: “EBITDA margins crossed 8%, a major milestone.” (Translation: We finally reached the level of small IT companies — minus the ping-pong tables.)
Ashish: “Phase-1 of our Thervoy Kandigai plant operated at 50% utilization.” (Translation: We’re making money even before running full throttle — efficiency fetish confirmed.)
Kumaravel: “We are a zero net-debt company.” (Translation: Creditors now send us Diwali greetings instead of reminders.)
Ashish: “EBITDA per ton of lead grew 62% YoY to ₹19,970.” (Translation: Lead’s finally behaving like lithium — margin-wise at least.)
Vijay: “Our procurement mix is 86% imported lead, 100% imported copper.” (Translation: We import problems, export profits.)
Ashish: “We plan to enter lithium-ion recycling commercially by 2027.” (Translation: India’s EV future might actually have an Indian recycler.) ⚡
4. Numbers Decoded
Metric
Q2FY26
YoY Change
One-Line Analysis
Revenue
₹635 Cr
+11%
Top line charged like a new battery. 🔋
EBITDA
₹55 Cr
+84%
Efficiency ran faster than power prices.
EBITDA Margin
8.6%
+300 bps
Sustained >8% — officially adulting.
PAT
₹36 Cr
+105%
Doubled profit, no new plant tantrums.
Lead Production (H1)
50,475 MT
+8% YoY
Lead still leads.
EBITDA per ton (Lead)
₹19,970
+62% YoY
Minting margin per kilo.
Copper Revenue (FY26E)
₹400 Cr
—
The next shiny obsession.
Net Cash
₹71 Cr
Turned Positive
Recyclers richer than lenders.
Export Share
61%
+5pp
Make in India → Sell Abroad.
Snapshot: From dusty batteries to glossy margins — POCL’s formula is part chemistry, part witchcraft.
5. Analyst Questions (Decoded for Normal Humans)
Spark Capital: “Margins hit 14.5% gross — sustainable?” Management: “Yes, 12–14% gross and 8% EBITDA sustainable.” (Translation: We’ve finally made volatility fashionable.)
SVAN Investments: “Will Phase-2 boost EBITDA/ton?” Management: “Yes, and we’ll keep it near ₹20,000.” (Translation: The ton earns
