1. Opening Hook
While India debated gold prices this Diwali, Pondy Oxides quietly made itsleadshine brighter. The company didn’t just recycle batteries — it recycled profits too, posting itsstrongest-ever quarter. CEO Ashish Bansal flexed an 8%+ EBITDA margin like it was a new alloy discovery, and CFO Vijay cracked balance sheet jokes with a ₹71 crorenet cashpunchline.
From talking lithium-ion dreams for 2027 to roasting the copper CAPEX skeptics, this concall had everything — ambition, sarcasm, and just enough chemistry to make analysts blush. Stick around — the real metals alchemy begins after the numbers. 😏
2. At a Glance
- Revenue ₹635 Cr (↑11% YoY):Apparently recycling pays better than IPOs now.
- EBITDA ₹55 Cr (↑84% YoY):Efficiency > Expansion, finally proven in India.
- EBITDA Margin 8.6%:The new cult number at POCL.
- PAT ₹36 Cr (↑105% YoY):Doubled, without doubling plant size.
- Exports 61% of revenue:Foreign buyers trust Indian scrap more than Indian banks.
- Net Cash ₹71 Cr:A metals company without debt — call SEBI, this needs verifying.
- Lead Volumes 26,308 MT (↑9% QoQ):Every tonne carried a bigger smile this quarter.
3. Management’s Key Commentary
Ashish Bansal:“We achieved our highest-ever quarterly and half-yearly performance.”(Translation: Even our Excel sheets couldn’t believe it at first.)
Vijay Balakrishnan:“EBITDA margins crossed 8%, a major milestone.”(Translation: We finally reached the level of small IT companies — minus the ping-pong tables.)
Ashish:“Phase-1 of our Thervoy Kandigai plant operated at 50% utilization.”(Translation: We’re making money even before running full throttle — efficiency fetish confirmed.)
Kumaravel:“We are a zero net-debt company.”(Translation: Creditors now send us Diwali greetings instead of reminders.)
Ashish:“EBITDA per ton of lead grew 62% YoY to ₹19,970.”(Translation: Lead’s finally behaving like lithium — margin-wise at least.)
Vijay:“Our procurement mix is 86% imported lead, 100% imported copper.”(Translation: We import problems, export profits.)
Ashish:“We plan to enter lithium-ion recycling commercially by 2027.”(Translation: India’s EV future might actually have an Indian recycler.)⚡
4. Numbers Decoded
| Metric | Q2FY26 | YoY Change | One-Line Analysis |
|---|---|---|---|
| Revenue | ₹635 Cr | +11% | Top line charged like a new battery. 🔋 |
| EBITDA | ₹55 Cr | +84% | Efficiency ran faster than power prices. |
| EBITDA Margin | 8.6% | +300 bps | Sustained >8% — officially adulting. |
| PAT | ₹36 Cr | +105% | Doubled profit, no new plant tantrums. |
| Lead Production (H1) | 50,475 MT | +8% YoY | Lead still leads. |
| EBITDA per ton (Lead) | ₹19,970 | +62% YoY | Minting margin per kilo. |
| Copper Revenue (FY26E) | ₹400 Cr | — | The next shiny obsession. |
| Net Cash | ₹71 Cr | Turned Positive | Recyclers richer than lenders. |
| Export Share | 61% | +5pp | Make in India → Sell Abroad. |
Snapshot:From dusty batteries to glossy margins — POCL’s formula is part chemistry, part witchcraft.
5. Analyst Questions (Decoded for Normal Humans)
Spark Capital:“Margins hit 14.5% gross — sustainable?”Management:“Yes, 12–14% gross and 8% EBITDA sustainable.”(Translation: We’ve finally made volatility fashionable.)
SVAN Investments:“Will Phase-2 boost EBITDA/ton?”Management:“Yes, and we’ll keep it near ₹20,000.”(Translation: The ton earns more than a junior analyst.)
Niveshaay:“Update on ACE Green and lithium entry?”Management:“R&D first, profits later — 2027 commercial launch.”(Translation: Our science experiments might just mint cash someday.)
B&K Securities:“CAPEX for H2FY26?”Management:“₹55 Cr total — ₹20 Cr for lead, ₹35 Cr for copper.”(Translation: Capital expenditure, not capital exposure.)
Anvil Shares:“Can copper become as big as lead?”Management:“In 7 years, even bigger.”(Translation: Tomorrow’s
