The company has announced that it will consider the proposal for buyback of shares along with the Quarterly results , in the board meeting on 03 August . This will be the Third buy back undertaken by the company ( but the first one after spilt of shares has taken place).
Sharing the latest investor presentation
https://www.bseindia.com/xml-data/corpfiling/AttachLive/fe9af0f1-c123-4964-a8a1-216792f89924.pdf
Building on the margin/crude-price correlation discussed earlier in this thread and the Panama Petrochem comparison from previous posts, a few things I couldn’t find anywhere in the last 4 ARs or the FY26 investor deck:
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Ester revenue split: Company reports only 2 segments (petroleum specialty + wind power) in the audited financials, so Transformer Oil/White Oil/Ester products are all clubbed together. Synthetic ester plant at Mahad has disclosed initial capacity of ~3,000 MT (AR24-25) vs total FY26 volume of ~5,13,000 KL, so ester looks like <1% of volume today even with all the “platform” messaging. Anyone have an actual ester-attributable revenue number, from an AGM Q&A or elsewhere?
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Is the FY26 recovery (EBITDA/KL from 3,691 in FY25 to 4,555 in FY26) purely the crude/base-oil cycle turning, or is there a mix-shift component from ester/premium products showing up already? FY22 EBITDA/KL was 9,137 for reference , still a long way from that even after the “record” FY26.
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BRSR disclosure (AR25, Principle 2) shows % of R&D/capex directed to ester tech at 1.61% in FY25 vs 0.60% in FY24 of what’s already a small total R&D base. Does this match the scale of investment behind the ester/EV-cooling/data-centre-cooling narrative, or is this BRSR line measuring something narrower (e.g. only incremental capex, not full plant/opex spend)?
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Given state utility/discom procurement is heavily L1-tender driven, has anyone seen ester fluid actually specified as a requirement (not just an option) in any recent POWERGRID/discom tender? Feels like the swing factor for how fast the domestic ester story scales vs. it staying an export/industrial niche.
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On the moat question, company claims to be “one of the only global manufacturers” spanning mineral + natural ester + synthetic ester. Has anyone benchmarked this against M&I Materials (Midel) or Cargill (Envirotemp FR3) specifically, beyond the Panama Petrochem comparison already discussed here?
Disc: Tracking, no position yet.