ALFA Finder
| Revenue Q2 FY27 | ₹978.36 Cr43.8% YoY Growth |
|---|---|
| Net Profit Q2 | ₹51.96 Cr10.3% YoY Growth |
| Market Cap | ₹2,615.26 CrMid-cap |
| PE Ratio TTM | 11.98Sector PE 51.6 |
Key highlights
- Operating revenue reached ₹978.36 Cr in Q2 FY27, a 43.8% increase over the same period last year
- Net profit for the quarter stood at ₹51.96 Cr, reflecting a 10.3% YoY growth
- Export contribution climbed to 29% of total sales in H1 FY27, up from 25% in the previous fiscal year
- Management raised its FY27 revenue guidance to ₹3,800 Cr from an earlier estimate of ₹3,340 Cr
- Bhiwadi XLPE compound facility with 48,000 MTPA capacity was commissioned in April 2026
- Volume growth remained muted at 2% for the quarter, indicating growth was largely price-led through a cost-plus model
Price-Led Revenue Jump Amid Volume Stagnation
Ddev Plastiks achieved significant top-line growth with Q2 FY27 revenue reaching ₹978.36 Cr, a 43.8% increase YoY. However, this growth was primarily driven by higher realizations rather than volume, as sales volumes grew only 2% during the quarter. The company operates on a cost-plus model with a pricing lag of five to seven days, allowing it to pass through raw material price volatility.
Management noted that domestic demand remains high, particularly from the wires and cables sector, which is benefiting from increased private capital expenditure in data centers and power transmission infrastructure. Despite the revenue beat, operating margins compressed to 8.2% from 9.4% a year ago.
Geopolitical Tensions Strain Export Margins
- Export contribution reached 29% in H1 FY27, a key driver for long-term growth
- Geopolitical conflict in the Middle East has caused severe shipping delays and route changes
- Freight rates for certain routes surged from $10-$20 per ton to over $350 per ton
- Higher logistics costs and transit times are temporarily eroding international margins
- Management expects freight normalization by the end of Q3 FY27 or early Q4 FY27
- The company is actively expanding its geographic footprint despite current shipping hurdles
Strategic Expansion in Bhiwadi and West Bengal
Capacity expansion remains a core strategic focus, with the company incurring ₹79 Cr in capital expenditure during the first half of FY27. The newly commissioned 48,000 MTPA XLPE compound facility in Bhiwadi, Rajasthan, which started commercial production in April 2026, currently operates at 25-30% utilization. Management expects this to reach 50% by the end of the fiscal year as demand picks up post-monsoon.
Furthermore, Ddev Plastiks is diversifying into the lithium-ion battery storage system (BESS) segment. A new project in West Bengal is slated for completion by Q1 FY28, contingent on final incentive policy approvals from the state government.
Commitment to Long-Term Revenue Targets
We remain firmly on track to achieve our top-line ambition of Rs. 5,000 crores by FY30 supported by powerful structural drivers such as infrastructure development, electrification, and manufacturing growth.
What to watch next
- Announcement of West Bengal state incentive policy for the battery segment, expected in Q3 FY27
- Ramp-up of Bhiwadi XLPE plant utilization to target 50% by March 2027
- Stabilization of Middle East logistics and freight costs by Q4 FY27
- Project commencement for the Lithium-ion battery storage system (BESS) in Q1 FY28
“Our export contribution has risen from approx 25% in the previous fiscal year to 29% for half yearly FY27 and it remains one of the main drivers of our growth.”
“The ramp-up will start majorly post this festive season is over. As of now we have been operating roughly at 25-30% of the capacities.”
| Share price | ₹252.73 |
|---|---|
| Market capitalisation | ₹2,615.26 Cr |
| Revenue (annual) | ₹2,947.87 Cr |
| Net profit (annual) | ₹201.82 Cr |
| Revenue (latest quarter) | ₹978.36 Cr-1.12% vs previous quarter |
| Net profit (latest quarter) | ₹51.96 Cr-18.55% vs previous quarter |
| P/E (TTM) | 11.98×Sector 51.6× |
| Promoter holding | 75%0.00% QoQ |
| FII holding | 1.56%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Earnings conference call transcript for the quarter and half-year ended September 30, 2026, released by Ddev Plastiks Industries Limited. Market figures from a third-party data provider.
