Chemplast Sanmar(CHEMPLASTS) Q2FY26

Feb 7, 2026

To get a fresh perspective on the company after a long gap I have been going through the last quarter concalls of some of the companies that I follow. Given the upcoming Q3FY26 concall, right now going through the Q2FY26 concall, starting with CHEMPLASTS.

Disclaimer: These are my notes from the concall. I may have misunderstood some points or gotten numbers wrong. Happy to correct any errors.

Notes:

• Import of Suspensive PVC (S-PVC) from China a major competition.

• Produces S-PVC, paste-PVC, value added chemicals, etc

• Cuddalore, Co. has paste-pvc plant. [Side Note]: This place in Tamil Nadu is a heavy industries hub.

• Indian refrigerant gas market. General refrigerant market one of the fastest growing globally.

• Co. setting up a new greenfield plant for refrigerant gas. R32

• China’s anti-involution drive to create fair competition among its companies in various sectors. This creates opportunities for companies in other countries. Something with Co. can take advantage of.

• India if it can reduce its imports from EU and China will help Co.

• S-PVC demand in India = 4.3 million tonnes but domestic supply = 1.5 million tonnes only. A big gap to fill here.

• ADD -> Anti-dumping duty result awaited on PVC.

• European firms doing cross subsidised exports, where locally they sell on high margins but in export markets they sell on reduced margins.

• Refrigerant gas quota per country. Companies producing refrigerant gas in India -> SRF, Navin Fluorine, Gujarat Flurochemicals.

• Things to look out for in next Q:

  • Capex update
  • Any positive news from agro-chemical side
  • Any debt reduction started or any more debt added?
  • Any policy update?