Ddev Plastiks Industries Ltd.: overview

Ddev Plastiks (Mcap:2802 Cr) is India’s largest listed polymer compound manufacturer with legacy spanning three generations and four decades of presence. The company offers a diverse product portfolio comprising polyethylene (PE) compounds, PVC compounds, filler compounds, masterbatches, and engineering plastic compounds, with total installed capacity of 3,16,400 MTPA as of June 2026 — up from  2,68,400 MTPA at FY26-end, following the commissioning of a 48,000 MTPA greenfield XLPE facility. The company holds a 50% market share in Sioplas and ~33% in XLPE compounds, and exports to 55+ countries with growing penetration in regulated markets supported by certifications such as UL approvals.

Financials:

In Q1FY27 the company recorded highest ever quarterly revenue of Rs989cr up 29%yoy driven by robust momentum in Cables and Wires segment and growth in exports. Exports have doubled to Rs312cr in the quarter, despite geopolitical challenges. Gross margin stood at 16%. EBITDA grew 27% YoY to ₹101 crore, with EBITDA margin at 10% — a resilient outcome despite softer trade sentiment amid Iran–Israel geopolitical tensions and associated transit disruptions and raw material price volatility. PAT grew 22% YoY to ₹64 crore, with PAT margin at 6%. EPS came in at ₹6.16, up 22% YoY.

Revenue per ton improved sharply to ~₹1,92,464 (vs ₹1,46,418 in FY26), and EBITDA per ton rose to ~₹19,177 (vs ₹15,904 in FY26) — continuing the multi-year trend of realization gains as the company moves up the value chain into higher-kv compounds.

Capacity Addition:

In April 2026, Ddev Plastiks commissioned a new 48,000 MTPA greenfield XLPE facility in Bhiwadi, Rajasthan, at a capex of ₹76.07 crore, funded entirely through internal accruals. With this addition, installed XLPE capacity now stands at 2,14,500 MTPA, and the company continues to hold ~33% market share in XLPE compounds. The facility is expected to generate incremental revenue of ~₹500 crore and strengthens the company's leadership in higher-kV, higher-margin applications.

Looking ahead, management plans a continued R&D push toward 132kV certification with 220kV as the next horizon.

Update on BESS:

Ddev Plastiks continues to scale its renewables business through its BESS foray, a calibrated, capital-efficient expansion into a structurally growing, policy-supported clean-energy segment. A 5 GWh assembly plant is targeted for commissioning and revenue recognition by Q1 FY28, with capex of ₹150-200 crore funded entirely through internal accruals

Model is capital-efficient and assembly-led by design DDev is entering as a systems assembler/supplier to EPC players and storage integrators (targeting both government/PSU offtake such as NTPC and PGCIL, and private EPC players executing storage tenders), rather than backward-integrating into cell manufacturing at the outset.

Economics guided at scale: ROCE of 25-30%, payback of 2-3 years, Phase 1 EBITDA margins of 5-8% (expected to improve with backward integration into enclosures), and a working-capital cycle of 60-75 days in the initial phase. Revenue potential is guided at ~₹800-900 crore per GWh of capacity.

The BESS business has been delayed by a couple of quarters due to its shift from West to East on the back of better cost optimization.

Other comments:

· Export revenue exceeded ₹300 crore, supported by strong pricing and demand in the MENA region.

· Resin prices are expected to gradually normalize over 3-6 months

· The new Bhiwadi facility is expected to operate at around 50% average utilization in FY27, generating roughly ₹200-250 crore

Guidance:

Management maintained its FY27 volume growth target at 15%, with total FY27 volume targeted at 2.31 lakh tonnes. Management also maintained its long-term ₹5,000 crore revenue ambition by FY30. Ddev is positioning itself for a multi-year capacity and product-mix upgrade, rather than relying purely on higher commodity realizations. Over the longer term, the company is targeting ₹5,000 crore revenue by FY30, supported by higher XLP volumes, medium/high-voltage applications, exports and the BESS opportunity. The most important monitorables are whether the company achieves 15% guided volume growth.

With India's cables and wires industry expected to grow at ~2–3x GDP and demand from power transmission, renewables, semiconductors, data centres, and infrastructure continuing to intensify, Ddev Plastiks — with its R&D depth, diversified 200+ compound portfolio, and three-generation legacy — is well positioned to extend its leadership as India's largest listed polymer compound manufacturer while scaling into a broader power/energy infrastructure solutions player.

Q1 FY27 Investors Presentation Concall Transcript Disclaimer - Informational only. Not investment advice.
GoIndia Advisors LLP | SEBI Registered Research Analyst | Reg. No. INH000020040 | BSE Enlistment No. - 6518