If corporate earnings calls had genre tags, this one was equal partsindustrial dramaandglobe-trotting strategy flick. GMM Pfaudler kicked off FY26 with stable revenue at ₹795 crore but flexed profitability muscles—EBITDA up 14% YoY, thanks to a pumped-up India business (EBITDA +45%). The order intake train chugged in with ₹1,004 crore (+14% YoY, +52% QoQ), building a ₹1,906 crore backlog. Management’s playlist included cost-cutting in Europe, scaling mixing tech globally, and sealing the SEMCO deal to ride South America’s metals and minerals boom.
Why it matters? Because GMM is betting that cost migration, diversification into non-pharma/chemicals, and low-cost sourcing will offset a sluggish global glass-lined market.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Revenue ₹795 cr – flat but hiding a 45% India EBITDA surge• Backlog ₹1,906 cr – 17% QoQ jump, heavy on systems & services• Order intake ₹1,004 cr – up 52% QoQ; seasonality shrugged off• SEMCO acquisition – Brazil + metals & minerals + outsourced manufacturing• Mixing business – $65m platform after SEMCO, chasing double-digit growth
MANAGEMENT’S KEY COMMENTARY
Tarak Patel, MD:“India EBITDA up 45% YoY, margins at 15.7% standalone.”Translation:Gujarat plant is humming again.
Patel:“SEMCO closes next week; gives us South America entry.”Translation:From Mixion to Mixel to Mixpro—now a Brazilian samba in the mix.
Patel:“India pharma, chemicals strong; agrochem picking up.”Translation:After 18 months of agrochemical silence, the phone is ringing.
Alexander Poempner, CFO:“FX hit of ₹20 cr is non-cash; tax rate 68% due to structure.”Translation:Accounting quirks, not taxman brutality.
Thomas Kehl, CEO Intl:“Closed UK plant; shifting work to Poland.”Translation:Goodbye Leven, hello
low-cost Europe.
Patel:“Non-glass lined business in India is full; may add ₹7–10 cr capex.”Translation:Filtration & mixing lines need more elbow room.
Patel:“International glass-lined slow; services & systems holding up.”Translation:Outside India, we’re living off maintenance gigs and niche orders.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹795 cr flat YoY | ₹101 cr (+14% YoY) | 12.7% consol; 15.7% standalone |
Revenue:India steady; intl weighed by glass-lined slowdown. Big acid recovery order in Europe boosted systems.
EBITDA:Lifted by India transformation project gains; intl drag from fixed costs in EU/US/China.
Margins:Leaner India ops; cost migration to Poland/Brazil still in ramp phase.
ANALYST QUESTIONS
Q:“US tariff impact?”A:Brazil exports safe (for now); local US plant ready if onshoring picks up.Street take:If tariffs bite, GMM’s already at the dinner table.
Q:“India order intake slow?”A:Seasonal; heavy engg backlog strong; big tenders in pipeline.Street take:Don’t panic—Q1 is the Monday of fiscal years.
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