Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations team, I welcome you all to the Q1 FY27 Post Earnings Conference Call of Platinum Industries Limited. Today on the call from the Management, we have with us Mr. Krishna Rana, Chairman and Managing Director and Mr. Ashok Bothra, Chief Financial Officer. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risk and uncertainties. Also, a reminder that this call is being recorded. I would now request the management to brief us about the business highlights for the period ended June 2026, the growth perspective and vision for the coming year, post which we will open the floor for Q&A. Over to the management team.

Thank you, Vinay. Good afternoon everyone and thank you for joining us today for Platinum Industries Limited’s Post Earnings Conference Call for the first quarter of Financial Year 2027. I am Krishna Dushyant Rana, Chairman and Managing Director of Platinum Industries Limited and I am joined by our Chief Financial Officer, Mr. Ashok Bothra. Let me begin by thanking all our employees, customers, business partners, stakeholders and shareholders for their continued trust and support. At Platinum Industries, we remain focused on building a strong and differentiated position in the PVC and CPVC additive industry, with a clear emphasis on higher-value products, capacity expansion, product innovation and increasing our presence across both domestic and international markets. The first quarter of FY27 was a period of transition and capacity ramp- up for the company. On a consolidated basis, revenue from the operations stood at ~ INR 108.9 crores, compared with INR 115.4 crore in Q1 FY26. Profit before tax stood at ~ INR 15 crores while profit after tax was INR 11.1 crore. While the consolidated top line was impacted by the ongoing transition and the ramp-up phase, we remain encouraged by the underlying business opportunities and importantly by the progress made on our capacity expansion initiatives. The focus during the quarter was on strengthening our manufacturing platform, improving our product mix and preparing the company for the next phase of growth.

A key milestone for us has been the commissioning of our expanded Palghar facility. Partial commercial operations of the CPVC facility that was 12,000 tonnes per annum commenced in August 2025, while the remaining capacity of 48,000 tonnes per annum of PVC, CPVC, lubricants andother facility commenced commercial production effective from 21 May, 2026. The expanded facility adds ~ 60,000 tonnes per annum of capacity, comprising 24,000 tonnes of lead-free in PVC, 24,000 tonnes of CPVC and 12,000 tonnes of lubricants and others. With the full ramp-up of this facility, our total capacity in India is expected to scale towards 85,000 tonnes plus per annum. This includes stearates capacity of 6,000 tonnes per annum, which is likely to commence commercial production in September/October 2026. This expansion is strategically important because it strengthens our presence in premium non-lead additives and CPVC additives. While also providing us with greater operating leverage. We expect the benefits of this capacity to become increasingly visible as utilisation ramps up over the coming quarters. Another significant milestone is the progress of our manufacturing facility in Egypt. We remain committed to commence commercial production before 31 December, 2026. The facility involves a total investment of ~ INR 68 crores and will have a production capacity of 60,000 tonnes per annum. Egypt is a strategically important project for Platinum Industries. Its location provides us access to attractive international markets, including duty-free access to the United States through Qualified Industrial Zones and free trade access to key South American markets. This will enable us to establish a cost-competitive manufacturing and export platform closer to important global polymer additives markets. We believe the Egypt facility can significantly strengthen our international footprint and improve our product and geographic mix.More importantly, it is expected to become a meaningful growth and margin driver as we move into FY28. Our strategy continues to be focused on increasing the contribution from value-added products, particularly lead-free and speciality stabilisers and CPVC-related products. The shift towards lead-free solutions is supported by increasing customer preference for more sustainable products, while CPVC continues to offer an attractive opportunity in the pipes and fitting segment.

With the expanded Palghar capacity and the upcoming Egypt facility, we will be better positioned to address both domestic demand and international opportunities. We are also continuing to work towards new product introductions like the Oleo Chemicals Derivatives and speciality chemicals, which has commenced the sales in Platinum Oleo Chemicals Private Limited. Looking ahead, we remain confident about the long-term growth opportunity for Platinum Industries. FY27 is an important year for us because we are moving from a phase of capacity creation towards a phase of capacity utilisation and operational scaling. Our key priorities for the year are:  Ramp-up of expanded Palghar facility;  Completion and commissioning of the Egypt facility;  Increasing utilisation of our new capacities;  Improving the contribution of higher-value and lead-free products;  Expanding our domestic and export customer base and;  Maintaining strong focus on operating efficiencies and financial discipline. We believe these initiatives will create a stronger and more diversified business platform and position the company well for sustainable growth over the medium to long term. We continue to remain focused on our previously articulated growth ambitions, while ensuring that growth is supported by capacity utilisation, product mix improvement and disciplined capital allocation. To conclude, Q1 FY27 should be viewed in the context of the significant capacity expansion undertaken by the company. The underlying opportunity remains strong. We have added substantial capacity in India, are progressing towards commissioning our Egypt facility and continue to strengthen our portfolio of premium value- added products. Our objective is clear - to build Platinum Industries into a larger, more diversified and globally competitive speciality chemicals platform, while creating sustainable long-term value for all our stakeholders. With that, I would like to hand over the call to our CFO, Mr. Ashok Bothra, who will take you through the financial performance in greater detail. Thank you very much.

Thank you, Sir. Good afternoon, everyone. I will briefly take you through our financial performance for Q1 FY27.

On a consolidated basis, revenue from operations stood at INR 108.9 crores compared with INR 115.4 crores in Q1 FY26. EBITDA stood at INR 13.44 crores with an EBITDA margin of 12.34% compared with INR 15.16 crores and 13.14% respectively in Q1 FY26. Profit before tax stood at INR 14.95 crores compared with INR 17.82 crores in Q1 FY26 while PAT stood at INR 11.13 crores compared with INR 13.07 crores in the corresponding quarter. Basic and diluted EPS stood at INR 2.03 per share. The moderation in profitability reflects the ongoing transition and ramp-up of our expanded manufacturing facility and due to less of high- margin products i.e. lead-free PVC. We expect operating leverage to improve as utilization increases. On a standalone basis, revenue from operations stood at INR 110.4 crores compared with INR 102.9 crores in Q1 FY26 registering a growth of around 7.3% YoY. EBITDA stood at INR 12.85 crores compared with INR 13.72 crores in Q1 FY26 while EBITDA margin stood at 11.64% compared with 13.33% in the corresponding quarter. Profit before tax stood at INR 13.2 crores compared with INR 16.88 crores in Q1 FY26 while PAT stood at INR 9.58 crores compared with INR 12.52 crores. Basic and diluted EPS stood at INR 1.74. The standalone performance reflects the ongoing capacity transition and investment in our manufacturing platform, with the focus now on improving utilization, product mix and operating efficiency. From the cost perspective, on a consolidated basis, raw material consumption was INR 78.1 crore while employee costs stood at INR 6.9 crore. Depreciation increased to INR 1.8 crore reflecting the expanded asset base, while the finance costs were at INR 0.5 crore. On capital allocation, we continued to invest in Palghar expansion and Egypt facility. During Q1, ~ INR 15 crore of IPO proceeds were utilized, taking cumulative utilization to ~ INR 165.9 crore. The balance unutilized IPO proceeds stood at INR 45.9 crore as of 30 June, 2026. Overall, Q1 was a quarter of transition and capacity ramp-up. With the expanded Palghar facility, now operational and the Egypt facility progressing toward commercial production by December 2026, our focus will be on improving capacity utilization, enhancing product mix and driving operating leverage. We remain committed to disciplined cost management, efficient working capital management and prudent capital allocation as we scale the business.

Thank you. We are now happy to take your questions.

Thank you, sir. We will now begin the question-and-answer session. We will take the first question from Arnav Sakhuja. Please go ahead.

Hi, Thank you for taking my question. So, my first question is that, could you give us a bit of an outlook as to how the pipes demand was in the month of July and August?

Hi, this is Krishna here. The pipe demand has been under basically a degrowth in the last quarter. If you see the results of all the pipe companies, you must have seen that they have done a degrowth in the revenue in terms of manufacturing. So, the demand has just picked up from August, and we see that from August until December, there's going to be a good demand for pipe sector because right now the PVC prices have been stabilized. It started going upwards. So, now even the farmers and the retailers have started purchasing the goods. So, we are seeing an upward demand from here now.

Got it. And in terms of your Oleo segment, what were the sales from this segment in quarter one FY27?

So, Q1, we have started I think around INR 5.3 crores is the revenue that we've got in Oleo in the first quarter.

And we'll be able to reach INR 55 - 60 crores by the end of the year in this segment?

Yes, we are very positive on that.

Okay, got it. And in the CPVC segment, what have been the margins? So, I think in the past, we've mentioned that as the capacities ramp up - - it's possible, as the utilization ramps up, we have a potential of reaching 20%, 22% margins in this segment. So, when do you think these kind of margins would be visible?

So right now, the demand-supply gap is there, the demand is less and we know the supply is more. So, because of that, there has been a push strategy for the last quarter. What we see the demand that is coming up right now, we will be able to only work on the margins probably post, in the third or the fourth quarter. So, right now, we are still on 18%.

And we wish to reach 20%-21%,when the supply is right now, what is happening, the raw material supplies are also getting disturbed due to the shipments. So that is impacting that we have to buy certain raw materials in the current scenario from the local market and not importing the raw materials. That is impacting the margins. So, right now, we are on 18%, we wish to be on 20%, 21% by the fourth quarter.

All right. Thanks a lot for answering my questions.

Thank you.

Thank you. We will take the next question from Surbhi Mishra. Please go ahead.

Yeah, hi. Am I audible?

Yes.

I wanted to know that the revenue growth appears strong, but can you break down growth into volume growth, price, mix change? And are there any new customer additions? And what was the underlying volume growth in stabilizers versus specialty products?

G enerally, we don't share, Product Volume data. you may please connect offline for further details. Regarding another query, can you please repeat again?

Okay. Also, I wanted to know about the EBITDA margins have improved despite raw material volatility. How much of the margin improvement is structure? And how much is temporary?

So, if you see our result, then there is a drastic reduction in the other expenses mainly sales related Expenses, in this quarter as we did not participate in any of the exhibition. Further reduction is also due to lesser ECL provision, on account of the debtors. So, because of that, there is a negligible impact on the EBITDA margins despite lower sale and drop in the contribution margins.

So we set up, our plant was fully operational on 21 May, 2026. So, for part of the period, we got the capacity. So generally, it is as of now, around 30% to 35% we are expecting in Q2, Q3.

And also, I wanted to know, were there any one-off items in other incomes inventory valuation or foreign gain or losses affected in Q1 profitability?

Yeah. So there is a Forex gain around INR 1 cr. which is getting reflected in other income.

Okay. Thank you.

Thank you. We will take the next question from Bhargav Buddhadev. Please go ahead.

Yeah, Hi, Good afternoon to the team. So if you look at your presentation, you have given a guidance of 40% revenue growth in FY27. Do you still continue to maintain that guidance?

We are definitely waiting to maintain the 40% growth guidance and we are already on the track but unfortunate situation due to this war and everything, the demand was a bit on the downside. But yes, we will be maintaining. There is growth already. So, we will be maintaining 30 to 40% of growth this year.

Secondly, I mean, if we take a 2-3 year kind of horizon, where do you see this Oleo Chemical business shaping up in terms of revenues?

So, from the first year that is the current financial year '27, we are expecting somewhere around INR65 cr. to INR70 cr. of revenue from OLEO. If we see a 3-year horizon, we are targeting somewhere around INR150 crores to INR200 crores of revenue from Oleo itself.

And lastly, in your guidance, are you factoring in revenue from your Egypt facility for FY27?

Yes, partly yes.

Partly yes. That is, I think the last three months.

Yes.

So, initially we estimated around INR 50 crores to INR 60 crores from Egypt. Now, we are targeting around INR 30 crores to INR 35 crores.

Great. Thank you. Thank you so much and all the very best.

Thank you. Sir, we will take a question from the Q&A box. It is from Krish Desai. He is asking, Lubrizol is increasing investment in India along with Grasim Industries for CPVC. How healthy it is for Platinum?

So in CPVC, if you see how a CPVC pipe is manufactured, earlier when Lubrizol was manufacturing CPVC compounds, okay, the customers were buying a CPVC compound and directly using it in their production to extrude a CPVC pipe. The capacity expansion that they have done in collaboration with Aditya Birla Group is to manufacture CPVC resin. Now in a compound, if you calculate 75% is the weightage of CPVC resin in the formulation and 25% are the additives. So we are on the side of the additives part and Lubrizol is going to be side of the CPVC resin part. So, over here, now the dynamics of consumers using a compound directly is going to transform to consumers using a CPVC resin separately and an additive separately. So we are playing that additives part role. So, there is no threat as such. In fact, we are going to complement each other in terms of the growth. So, we are very happy that the resin capacities have been built in India by companies like Lubrizol, Reliance is also going to come up with the capacity of CPVC resin. There is Meghmani Organics. So, all these capacities building up is giving us an edge to supply additives to the pipe manufacturers. There is still a resistance, right because the technology is new, the product is new, the people are still understanding. It has been 1 to 2 years of supply from our side to companies like Supreme, Prince Pipes. So this transition is going to take some time and till the time the capacities are going to get built up in India, we will have a good chance to have a growth in the CPVC additives side of the story for our company.

Thank you, sir. We'll take the next question from Bhagwat Nayak. Please go ahead.

Thank you for the opportunity. So, how are you seeing the competitive intensity going forward? Are you seeing any pricing pressure from

competitors or like what gives us confidence that Platinum can improve its market share?

If you compare the current scenario versus a regular standard business scenario, there is a difference because right now the shipping lines are charging very high freight costs and everything. So today the scenario is completely different as compared to a normal scenario. What do I mean that in a normal scenario, companies like ours say for example, when we are supplying our additives to the customers, okay, we are there only in 3% to 5% of the dosage in PVC and around 25% in CPVC. So, whatever price changes or there are raw material changes that are happening or if it's going up, we are able to pass this on to the customer. But in scenario like where the war scenario, the shipments are not coming on time, in this case, we are unable to pass on, like the sudden freight cost rise, the sudden CFS charges or sudden any transportation costs, we are unable to pass it on to the customer. So, there we have to take a little bit of it in terms of doing the business.

Okay, but in terms of -- yeah, mostly, particularly if you see competitive intensity, so how Platinum is positioned based on that, in terms of like, if you can mention about the key competitors for Platinum's handle?

So, in India, like, when I talk about, say, for example, CPVC additives, okay, there is no competition in CPVC additives, because it's a new technology. There is one more Indian company which is already doing this work in India, but the demand in CPVC, we are seeing that will transform and it will turn out to being a market share or capacity enhancement in the next one or two years. But when you talk about PVC additives, like, for example, lead-free additives, in lead-free additives, we have command in terms of having a good market share. So over here, there are only three major manufacturers we consider as a part of competition, that is Baerlocher, which is a German company who has a plant in India, and one is Reagens, who has set up a plant in India. There is another company called Goldstab, but they are majorly into lead, so probably the competition is not too much in terms of the pricing. Over here, the competition in terms, everybody has their own pockets, like, for example, if there is Supreme Industries, okay, they have three to four suppliers in their purchasing. So, the pricing we are able to fetch from the customers without too much of compromise. So, even the competition understands the same pricing levels, even we understand the same pricing levels.

Okay, thank you for that answer. And just last question from my end, I would like to understand about the margins, if you talk about how do we see margin evolving going forward as we ramp up our first plant capacity utilization? And in terms of income, considering that, so, if you see the financial year '23 and '24, the margins were pretty high as around 23%. So, how do you compare with that, if you could just give some comment on that?

So, in '23-'24, our major sales, okay, our revenue was also very less and our major sales was of the lead-free additives, okay. And in lead-free additives, the margins were comparably high. What increase was we started, we added a product like CPVC additives, okay. And in CPVC additives, we are still learning the technology, the product mix, the raw material availability. And we started with a very, very lower contribution margin of 3% to 5% to 7% just to start the business. And that is what has the product mix has changed the dynamics of that. But if you remove, say, for example, CPVC, okay, from our current turnover, you will see that the margins and the contribution margins in our calcium zinc or lead-free additives business is maintained.

Okay. And how do you see the margin going forward?

We will be maintaining a PAT margin of 11%, 12% in the coming months.

In our previous call, we have mentioned that we will expect a margin, EBITDA margin around 13% to 15% going forward.

So, EBITDA 13% to 15% and PAT 11% to 12% is what you are referring to?

Yes.

Okay. Thank you so much for the answer.

Thank you. We'll take the next question from Rakesh Sharma. Please go ahead.

Thank you for the opportunity. So, as the presentation highlights ongoing capacity expansion. Can you please share the project-wise CAPEX current completion status, expected commission, timeline, and revenue potential from each new facility?

In Egypt, we are expecting that the plant will be available for us by December 26. Okay. So over a period of three years, so we are expecting top line around INR 250 cr. to INR 300 cr. from Egypt operations. And regarding Palghar, we are just commissioned in the month of May. So peak potential will be very high, say around INR 700 crores to INR 800 crore we are expecting from the new facility in Palghar over a period of three years.

My second question is what are the key bottlenecks that could delay commissioning, equipment delivery, utility approvals, environmental clearance or customer qualifications?

So we don't expect much delay on account of this.

Okay. So once the new capabilities are commissioned, what is the expected asset turnover ratio and EBITDA margin profile of the expected businesses?

Over a period of three, we have already given the guidance that CAGR will be around 35% over a period of three years with commensurate profitability.

So what percentage?

So it will be forward looking statement, but we can say in top line, it will be around CAGR growth of 35% over a period of three years.

Thank you. We'll take the next question from Kothar Jani. Please go ahead.

Hello sir.

Yes.

Good afternoon. I have two questions, both are connected. So basically in the plant visit, we have seen that metallic soap plant, which is going to be commenced in the August. So I want to ask the status of that, whether it has been commenced and the revenue guidance, which you have given for the FY27, which is 30% to 35% has already affected this metallic soap plant, which is going to be commenced in August.

MD Sir has just mentioned in his speech that the plant will be ready by September/ October. So initially we hoped August, but now we are

expecting this because there was some delay in one of the equipment and sale from the stearates may not effect much the revenue growth.

Okay. Thank you, sir.

Thank you. We'll take the next question, the follow-up question from Surbhi Mishra. Please go ahead.

Yes. Sir can you throw some light on the status of pharma business of Rivadu Lifesciences, where we are and how much were we able to do in this quarter and what do, what can we expect in the next two, three years?

So Rivadu Lifesciences, we are still identifying the business model that how we're going to run. So I think, from this quarter, we are seeing some revenue. The product we are still identifying that how we're going to start this because we are doing some collaborations with some companies outside India for innovative product and how we're going to place that in India. So we are still under negotiations.

And so can you also tell me about Oleo Chemicals and what's the plan for it in the next two, three years?

So for, Oleo Chemicals and Oleo based derivatives, we already started our revenue. We've started the seed marketing in India. Rather, we've also exported to two countries, one to Malaysia and one to Turkey. The idea is to do a seed marketing this year and to get into manufacturing of these products. So I think in one and a half years time from now, we wish to get into manufacturing of these products. We already have a land where we're going to start constructing and build to manufacture these products.

And how quickly can we pass the raw material inflation through customers since we have seen it affecting your gross margins and EBITDA margins in Q1? And is there any contractual pass-through mechanism with large customers?

No, your question is not clear.

I am asking how can the raw material inflation be passed through customers since we have seen it affecting your gross margins and EBITDA margins in Q1. And is there any contractual pass-through mechanism with large customers?

The gross margin that has been impacted is not because of the product. It's not because of, say, for example, if you see our '23-'24 revenue, this is what I explained in my earlier thing also that we had a revenue of only lead-free stabilizers. Then we added some products. So any new product has its own life cycle, right? And first we started with a very lower margin to penetrate the market. And then we understood that these are the raw materials that we can replace with –other in order to fetch the higher margin. So this is how we played around with the raw materials. And now we have reached from a 6%, 7% to a 17%, 18% of gross margins in our CPVC products. So, for example, if there's any change in terms of raw material pricing going high, we are able to pass it on to the customers. But in the scenario like this war scenario and the shipments are not coming on time, then we are taking a hit on the contribution margins. It's only because that the shipping lines have increased the freight cost and their charges that is the only scenario where we have to take a hit. And otherwise, in a normalized business scenario, we are able to pass it on to the customer.

Just to add, in Q1, there is a less offtake of the high margin product that is lead-free PVC. So that is why there is some drop in the margin. Otherwise, there is no penetrative pricing or pricing pressure. But because of the change in product mix, there is some decline.

Thank you.

Thank you. We'll take the follow-up question from Bhagwat Nayak. Please go ahead.

Thanks for the follow-up opportunity. Just a quick question on terms of the CAPEX amount for the Palghar facility, if you could just comment on that.

So, it is very much there in the financial. So, it is around –INR 67 crores in the Egypt and INR 71 crores in Palghar.

Like both the CAPEX are similar because considering the Egypt plant, we are estimating INR 300 crore revenue potential and in Palghar is around INR 700 to INR 800 crore. So, if you could just comment on that to better understand.

Capacity of both the plant will be approx at the same level that is around 60,000 tonnes per annum. So capacity is the same but being new area, new territory.

The product mix in Egypt, we are setting up a lead stabilizer plant in Egypt and the demand for the lead-based products are higher in the western side of the world. The differentiation is like for example, if lead product is the sales price is somewhere ranging between INR 110 to INR 150 per kg. In India, we have CPVC which is ranging from INR 250 to INR 300. In calcium zinc that is lead-free, in India, it is ranging from INR 170 to INR 220. So because of these sales price also, there is a difference in the revenue and lead is the highest in production over there in Egypt. It is 100%.

Okay. Okay. Thanks for that. It clarifies my question. Yes.

Sir, just a related question to this is that how much additional working capital does the management anticipate from the new Egypt plant?

Could you please repeat your question?

How much is the additional working capital does the management anticipate for the new Egypt plant?

Roughly three-month cycle, we expect on the count of working capital.

Egypt, okay. Thank you, sir. We will take the follow-up question from, I think there was some hand raised here.

There is a question in the Q&A box from Khushbu Gandhi. What are the margins we are expecting in oleo chemicals in FY27? Are we expecting margins to improve going forward once we plan to set a manufacturing facility of the same?

So, this margin is bound to increase once we settle the manufacturing facility. But as of now, we are taking the route of CDMO for seed marketing.

Thank you, sir. Sir, since there are no further questions, would you like to give any closing comments?

Thank you, sir. Thank you to the management team and thank you to all the participants for joining on this call. This brings us to the end of this conference call. Thank you.