Questions across 14 calls

Rohit Nagraj

360 ONE Capital

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Jun26.pdf · 2026-05-26

Sir, first question is on R-32. So given that we have commissioned the 10,000 tons of capacity, have we already started operating at optimal levels from March? Or will it be happening in subsequent months?

Right. And in terms of the customers , how are we looking at it? Is it domestic? Is it exports? And do we have any contracts in place for this 10,000 and the additional 10,000 that is coming in? Any anchor customers where we have at least a part of the volumes which are contracted for medium to long term?

Gujarat Fluorochemicals Limited CC-Feb26.pdf · 2026-02-12

Thanks for the opportunity. Sir, first question is again on R-32. We believe that the deadline for putting up the project was end of 2026. I think in your comment you said end of 2027 , so just want a clarity on this. And aligned question to that, in terms of market for selling R -32, which markets are we looking at? Is it domestic, export? And if it is both the markets, what kind of mix at optimal utilization that we are looking at?

Sure. I got that. Second question is --

PI Industries Limited

PI Industries Limited CC-May26.pdf · 2026-05-20

Yes, so we have received a regulatory approval for the launch of a nematode in US. That is what we have indicated in our PPT. Is it a biological and what is the kind of market size that we are tapping in terms of this particular product, what is the kind of potential revenues that we can generate over the next maybe three to five years?

Sure, that is helpful. Second question in terms of CSM business. So, last year we have indicated FY25, the contribution from new products was about 15% to 18% and this year we have said FY26 the contribution is about 18% to 20%. If I do the math, it seems that on a year -on-year basis, the new product absolute revenue seems to be flattish or slightly negati ve. So, how do we look at it from the FY27 perspective?

PI Industries Limited CC-Nov25.pdf · 2025-11-12

Thanks for the opportunity. So, first question is, what has been the contribution of new CSM products in the overall CSM revenues during the first half of this financial year?

Right. Fair enough. Second, on the biologicals front. So, on PHC, we have just indicated that we have about $10 million to $12 million of revenues. When do we see a significant scale up in this opportunity? Would it be more like FY28 given that there are multiple registrations, which are currentl y ongoing across different markets? And what could be the potential sometime maybe FY28-29 from this biologicals acquisition?

DCM Shriram Limited

DCM Shriram Limited CC-May26.pdf · 2026-05-15

Thanks for the opportunity. Sorry for harping on the PVC front. So one is that when do we expect the MIP to come in place because it has been since a while that the PVC ADD is now out of question? And just second question in terms of the anticipated increase in import duties again post June, is there accelerated dumping which is happening from China or probably some kind of inventory buil d-up by the domestic producers at the lower prices? Thank you.

Sure. Thanks. Sir, second question is again on the caustic front. Given that there is a sizeable amount of alumina capacity in Middle East which is gone off -stream, how do you foresee the caustic balance in the global market? Is there a possibility of again that particular ma terial which was supposed to go to Middle East can be routed to Asia and that will have again some kind of implications on the domestic pricing? So just your thoughts on this? Thank you.

Aarti Industries Limited

Aarti Industries Limited CC-May26.pdf · 2026-05-05

Yes, thanks for the opportunity. Just one question on the demand side. So you mentioned in one of the remarks that the demand contraction in exports market probably for the discretionary portfolio can be taken care by the domestic market. So, what gives us confidence that there may not be a material distortion even in the domestic market given that the pricing for the same discretionary portfolio will go up in domestic market?

Right. Just one number related question. What would be the gross block by the end of FY27 when the entire Zone IV will be commissioned?

Aarti Industries Limited CC-Feb26.pdf · 2026-02-03

Thanks for the opportunity and congrats on strong set of numbers. First question is on Zone 4. So, in terms of our domestic and export mix, how does that stack for Zone 4? And on the exports front, which and all are the key markets that we will be targeting?

Sure, and the second question, in terms of the CAPEX. So, given that a part of CAPEX has been preponed to this year, next year probably we are contemplating this CAPEX will come. So, to that extent, FY '27 CAPEX will be lower than what we had anticipated earlier, barring the other comment that you made about you may go ahead with some expansions, depending on the Board approval?

Aarti Industries Limited CC-Nov25.pdf · 2025-11-07

Thanks for the opportunity. So first question is on the M&A strategy. So earlier, we had indicated that since we have a large presence established in the Middle East, we will go for U.S. given that U.S. is a gasoline market, whereas Europe is a gasoline market. And now there is a change because of the U.S. tariff situation.Obviously, we did not anticipate that. But how do we look at it from a change in strategy perspective and the benefits that we were likely to get accrued from U.S. would it be in similar quantum if we change the strategy to Europe and further into the Middle East?

Sure. Second question, it is just a bookkeeping question. So this year, our capex will be INR1,000 crore. What will be the likelihood of capex for FY '27? And similarly, a tax rate for FY '26 and '27?

Tata Chemicals Limited

Tata Chemicals Limited CC-May26.pdf · 2026-05-04

Yes, thanks for the opportunity. So, first question is in terms of the increase in operating cost. Given that we are safeguarded from the inventory, but generally speaking increase in the fuel cost as well as the logistics cost, what would be the increase in opex across our four facilities given that if the new high-cost utilities come into play? Thank you.

Sure. And seco nd question is you talked about multiple capacities getting in shutdowns or probably extended shutdowns. Has this happened particula rly post the conflict or it happens before that? I mean just to get understanding about what all capacities have been shut o r how much capacity has been shut post confl ict and the earlier was I think it was not there in the system?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-May26.pdf · 2026-04-29

Congrats on strong set of numbers. First question, unfortunately, on the pricing part, given that there is a raw material price inflation and some of our contracts for HFO as well as for CDMO would be calendar year contracts. So will there be a price rejig or passed on immediately? Or will it be a transitory phase that for a couple of months, we'll be charging their previous price and then maybe a couple of months later, the newer price incorporating the higher raw material cost?

The second question is slightly on R32 in terms of broader structure in the domestic market. So what is our understanding in terms of the current consumption of R32? And given that the new capacities, even if we don't consider the ones who don't have quota and we are adding, there is another player who has got quota and they will be adding, How this incremental volumes, which is coming into play will be placed? And will it -- again, unfortunately, I'm asking the same question again in terms of pricing, will there be any impact given that these additional capacities will come on stream?

Himadri Speciality Chemical Limited

Himadri Speciality Chemical Limited CC-Apr26.pdf · 2026-04-27

Congrats on good set of numbers. First question is on the anode material facility that we have commissioned. Here in terms of the commercial validation of materials, how much time will it take? And which and all are the customers where we will be targeting to send the material? Is it domestic, exports? How are we looking at it? And once the validation is done, how much time will it take for us to put up a new commercial scale plant?

Sure. Just one allied question in terms of the anode material pricing, how has it changed over the last 5 years? What was the price about 5 years back, and given that new technologies have come, commercial operations, capacity, how the price are being currently in terms of INR per kg or dollar per kg or how you prefer it?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Feb26.pdf · 2026-02-13

First, quick question on polycarbonate facility. So based on the current status of the project, when is the facility likely to be commissioned?

Sure. And second question is on the Advanced Intermediates. So given that probably some products where there is continuous oversupply and because of which the pricing margins are under pressure, are we recalibrating some of the product slate to focus more on better margin products or something new where the valuation can be there?

Coromandel International Limited

Coromandel International Limited CC-Feb26.pdf · 2026-02-02

Sir, on the crop protection export segment, you indicated that there has been a good amount of volume growth as well as some pricing element. In terms of the volumes, is there any element of restocking because of which during the last three quarters, there has been material improvement as far as the export volumes are concerned?

Sure. And second question in terms of NACL consolidation, although we are still in mode of integrating certain elements of it, when do we see a sizable element coming -- benefit coming from the integration? Would it be from, say, Q1 FY '27 onwards or maybe second half of FY '27?

Acutaas Chemicals Limited

Acutaas Chemicals Limited CC-Feb26.pdf · 2026-01-28

Congrats on very strong set of numbers. Sir, first question on CDMO front. So during the first 9 months, how many total commercial products that we are servicing on the CDMO? And what could be the mix between pharma and agro? And an allied question to that, when we see FY '28, INR1,000 crores, what is the kind of mix that we are looking at from pharma and agro?

Sure, sure. I'll just rephrase the question. How many molecules are currently being commercialized? And when we'll reach, say, INR1,000 crores, what is the number of molecules that will be commercialized and those will be serviced?