In a quarter where crude prices danced, geopolitics sulked, and monsoon clouds loomed, Ddev Plastiks somehow kept its cables untangled. Q1 FY26 revenue surged 23% YoY to ₹769 crore, powered by 13% volume growth and a neat 9% uptick in average selling price. EBITDA margin held steady at 10%, while PAT clocked ₹52 crore (7% margin). The company is flexing a ₹300-crore capex plan to add 1,30,000 MT capacity across PVC, XLPE, and Halogen Free Flame Retardant (HFFR) compounds by FY27 — with an eye on 50% market share in XLPE and a solar-cable-driven HFFR boom.
Why it matters? Because in the high-voltage world of polymer compounding, capacity is clout — and Ddev is plugging straight into India’s infra and renewable push.
Stick around—things get spicier two scrolls down.
AT A GLANCE• Revenue up 23% – volumes +13%, prices +9% YoY• EBITDA ₹79 cr, margin 10% – steady despite raw material nudges• Capacity utilisation 87% – basically running full throttle• ₹300 cr capex by FY27 – XLPE, PVC, HFFR in expansion overdrive
MANAGEMENT’S KEY COMMENTARY
Rajesh Kothari (Whole-Time Director):“Market demand is strong; 12–13% volume growth is our floor.”Translation:We’ve got more orders than free plant time.
“132 kV certification by FY27 will boost credibility across all voltage ratings.”Translation:Even if volumes take time, bragging rights come instantly.
“UltraTech & Adani entering cables is an opportunity for our
PVC.”Translation:New big boys = more chances to sell our premium compound.
Arihant Bothra (CFO):“EBITDA per tonne improved to ₹15,300 vs ₹14,000 last year.”Translation:Ignore the % margins; per tonne is where we shine.
“Capex fully funded via internal accruals — no debt rush.”Translation:We’re building muscle without steroids.
NUMBERS DECODED
| Metric | The Hero | The Sidekick | The Drama Queen |
|---|---|---|---|
| Revenue (₹ cr) | 769 | +23% YoY | Prices +9%, volumes +13% |
| EBITDA (₹ cr) | 79 | Margin 10% | Steady amid cost swings |
| PAT (₹ cr) | 52 | Margin 7% | Clean after interest & tax |
PVC margins: 4–5% base, 7–8% for building wires. XLPE & HFFR margins trend higher, with HFFR above 15%.
ANALYST QUESTIONS
Q: “When will 132 kV move the needle?”A: FY27 for certification, volume ramp post-2027.Trust takes time.
Q: “Impact of UAE FTA on XLPE competition?”A: Minimal for now — rivals pocket duty cuts instead of
