Chemplast Sanmar Limited Q2 FY26 Concall Decoded:Revenue crawls, EBITDA breathes, PVC bleeds, debt sweats—management waits for Delhi to blink.

1. Opening Hook

While global PVC markets played musical chairs and Chinese imports flooded India like monsoon water in Chennai, Chemplast Sanmar showed up with… improvement. Not a turnaround, not a miracle—just a cautious, accountant-approved “marked improvement.” EBITDA crawled back from ICU, losses narrowed (slightly), and Paste PVC ran at full capacity while still losing pricing battles.

Management sounded confident, patient, and mildly frustrated—especially with anti-dumping duties stuck in bureaucratic limbo and BIS quality rules doing a U-turn. Meanwhile, debt sat heavy at ₹1,319 crore, CMCD promised future glory, and R32 refrigerant dreams waited for regulatory blessings scheduled sometime around calendar eternity.

This concall wasn’t fireworks—it was trench warfare. Stick around. The subtext here matters more than the headline numbers.

2. At a Glance

Revenue ₹1,033 cr – Up YoY, but barely broke a sweat.
EBITDA ₹43 cr – Revival signs, still no victory lap.
Net Loss ₹51 cr – Losses shrinking, but not gone.
Specialty Chemicals +22% YoY – Paste PVC volumes saved the quarter.
Value-added Chemicals -12% – Caustic said “not today.”
Net Debt ₹1,319 cr – Balance sheet still lifting heavy weights.

3. Management’s Key Commentary

“Performance showed a marked improvement.”
(Translation: Last quarter was worse.) 😏

“Suspension PVC dumping continues unchecked.”
(Translation: China is still ruining our pricing.)

“Paste PVC plant at Cuddalore is running at full capacity.”
(Translation: Volumes yes, margins no.)

“EBITDA improved QoQ and YoY.”
(Translation: We stopped bleeding faster.)

“ADD non-implementation will be detrimental to the country.”
(Translation: Please answer the file, Delhi.)

“CMCD margins will reach 20–25% at scale.”
(Translation: Trust us till FY27–28.)

“Debt levels have peaked.”
(Translation: Please don’t ask about equity raise.) 😬

4. Numbers Decoded

Source table

Metric	Q2 FY25	Q2 FY26	Decoded Reality
Revenue	₹993 cr	₹1,033 cr	Growth exists, excitement doesn’t
EBITDA	₹26 cr	₹43 cr	Cost control finally showed up
Net Loss	₹64 cr*	₹51 cr	Loss narrowing, still red
Specialty Chem Rev	₹306 cr	₹372 cr	Paste PVC doing volume duty
Net Debt	–	₹1,319 cr	Leverage still the elephant

*approx prior-year reference

Chemplast improved operationally, but structurally remains PVC-cycle dependent.

5. Analyst Questions (Decoded)

Why is EBITDA still weak despite full capacity?
Paste PVC pricing crushed by EU imports.
(Translation:

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