1. Opening Hook
Just when you thought 2025 already had enough plot twists—GST 2.0 rollout, U.S. tariff tantrums, and dumping at levels that would make even Shein blush—NOCIL walks in and quietly drops a 4% QoQ volume growth. Yes, in this circus of global chaos, the company somehow found a trapeze to swing on.
But hold on, this is only the warm-up act. The real spice arrives later—Korean players undercutting China, antidumping petitions flying like Diwali rockets, and a margin profile that looks like it has been on a crash diet.
Read on—because things get delightfully messy from here.
2. At a Glance
- Revenue – Rs 321 Cr –Price erosion hit harder than tariff hikes; CFO swears it’s not their fault.
- EBITDA – Rs 22 Cr –The sidekick who arrived late and underdressed.
- EBITDA Margin – 7% –Even AI couldn’t optimise this one; supply chain gremlins win again.
- Volumes +4% QoQ –Growth during chaos; a rare Indian superhero moment.
- H1 PAT – Rs 29 Cr –Played hide and seek vs last year’s Rs 69 Cr.
- Stock Reaction – TBD –Traders still searching for the positive angle.
3. Management’s Key Commentary (Quotes + Sarcastic Translations)
“Despite macro disruptions, we recorded a 4% QoQ volume growth.”(Translation: Even with everyone dumping on us—literally—we managed to sell more. Please clap. 😏)
“Revenue declined sequentially due to softer price realizations and competitive pressure.”(Translation: Importers discounted like it was Black Friday for six straight months.)
“Domestic volumes grew, but pricing remains under pressure from continued dumping.”(Translation: We are selling more, just earning less. Capitalism at its finest.)
“Export volumes were hit due to U.S. tariff changes leading to ripple effects globally.”(Translation: The U.S. sneezed and our exports caught pneumonia.)
“We have filed antidumping petitions; investigations have begun.”(Translation: We’re calling the referee because the other team keeps cheating.)
“Operating cash flow improved reflecting working capital efficiency.”(Translation: We squeezed the system so hard even the auditors were impressed.)
“Dahej TDQ expansion is 75–80% complete;
trial production expected H1 CY26.”(Translation: Construction is on time—yes, even we’re surprised.)
4. Numbers Decoded
Metric Q2 FY26 Q1 FY26 H1 FY26 H1 FY25
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Revenue (Rs Cr) 321 336 657 735
Volumes (Index) 138 133 - -
EBITDA (Rs Cr) 22 31 53 79
EBITDA Margin (%) 7% 9% 8.1% 10.7%
PBT (Rs Cr) 19 23 42 69
PAT (Rs Cr) 12 17 29 69- Price cuts hit margins harder than the CFO expected.
- Volumes saved the quarter from becoming a crime scene report.
- Working capital heroics kept cash flows sane.
5. Analyst Questions – Key Exchanges Decoded
Q:When will volumes recover meaningfully?Mgmt:Domestic steady; exports choppy; U.S. tariff → temporary pothole.(Translation: Don’t expect fireworks soon; maybe some sparkles later.)
Q:Are Chinese/Korean imports killing pricing?Mgmt:Yes, Koreans even undercut China.(Translation: Welcome to the Hunger Games.)
Q:Will antidumping duty help?Mgmt:Investigations positive.(Translation: Fingers crossed; incense sticks lit.)
Q:If no antidumping relief?Mgmt:We’ll still grow through efficiencies & customer
