Chemplast Sanmar reported Q1 FY27 revenue of INR1,125 crores, an EBITDA loss of INR115 crores, and a net loss of INR176 crores, largely due to high input costs for PVC.

Management expects a turnaround from Q3 FY27. Specialty Chemicals revenue grew 21% YoY, with Custom Manufactured Chemicals showing strong performance, 14 molecules commercialized, and a pipeline of 50. R32 commercial production has commenced, with full capacity expected by fiscal end.

Suspension PVC spreads are improving as high-cost VCM inventory clears, supported by reinstated customs duty and Minimum Import Price.

Paste PVC also saw improved profitability from a favorable court order against dumping.

The company is diversifying CMCD beyond agchem.

Management is cautiously optimistic, believing the worst is over.