Hi-Green Carbon Limited H1 FY26 Concall Decoded: ₹140 Cr dreams, ₹1 acquisitions, and gas that might power the grid

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1. Opening Hook

While most companies were busy blaming monsoon, crude prices, geopolitics, and Mercury in retrograde, Hi-Green Carbon calmly told investors: “Yes, margins fell… but wait for winter.”

Between falling TPO prices, a Diwali fire (insured, thankfully), and one subsidiary acquired for a princely sum of ₹1, management still sounded oddly relaxed. Almost suspiciously confident.

Plants are running, new plants are almost running, gas engines are arriving like Amazon Prime parcels, and recycled carbon black is slowly convincing tyre giants that sustainability won’t ruin their rubber.

Also, if you ever wanted to see a company explain how ₹80–90 lakh of R&D expenses are actually a good thing, this call delivered.

Read on. It gets smokier, hotter, and slightly more combustible later. 😏

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2. At a Glance

• Revenue ₹69 Cr (consolidated) – Not fireworks, but solid amid crude tantrums.
• Waste tyre processed 17,400 MT – Up from 15,900 MT; machines clearly skipped holidays.
• Capacity utilization ~75% – Plants working, excuses resting.
• OPM fell to ~15% – Inventory hangover + R&D binge = margin headache.
• FY26 revenue guidance ₹130–140 Cr – Confidence powered by new plant fumes.

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3. Management’s Key Commentary

“We processed around 17,400 metric tons in H1.”
(Translation: The plants actually ran, not just PowerPoint slides.)

“Our capacity utilization reached almost 75–76%.”
(Machines are sweating; shareholders should too—in a good way.)

“We ordered the gas engine; it will be delivered in a couple of days.”
(Yes, syngas will finally stop being decorative.) ⚡

“₹80–90 lakh was spent on R&D for power generation.”
(Margins sacrificed at the altar of future electricity bills.)

“The MP plant is 90–95% complete.”
(Civil work done, prayers pending.)

“Radhe Renewables’ business is transferred at ₹1.”
(Corporate restructuring, Indian jugaad edition.) 😏

“We expect ₹130–140 crore revenue this year.”
(Translation: Trust us, winter is coming.)

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4. Numbers Decoded

Source table

Metric	H1 FY26	What It Really Means
Revenue	₹69 Cr	Price drop hid volume