Ladies and gentlemen, good day and welcome to Q2 and H1-FY27 Earnings Conference Call of
Fairchem Organic Limited. hosted by Valorem Advisors.
As a reminder, all participant lines will be in the listen-only mode and there will be an
opportunity for you to ask questions after the presentation concludes. Should you need
assistance during the conference call, please signal an operator by pressing ‘*’ then ‘0’ on your
touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Ms. Purvangi Jain with Valorem Advisors. Thank you and
over to you, ma'am.
Purvangi Jain:
Thank you. Good afternoon, everyone and a warm welcome to you all. My name is Purvangi
Jain from Valorem Advisors. We represent the Investor Relations of Fairchem Organics Limited.
On behalf of the Company, I would like to thank you all for participating in the Company's
earnings call for the 2nd Quarter of the Financial Year 2027.
Before we begin, a quick cautionary statement. Some of the statements made in today's con
call may be forward-looking in nature. Such forward-looking statements are subject to risks
and uncertainties which could cause actual results to differ from those anticipated. Such
statements are based on management's belief as well as assumptions made by and information
currently available to the management.
Audiences are cautioned not to place any undue reliance on these forward-looking statements
in making any investment decisions. The purpose of today's Earnings Conference Call is purely
to educate and bring awareness about the Company's Fundamental Business and Financial
Quarter under review. I would now like to introduce the management team joining us on
today's call.
We have with us Mr. Nahoosh Jariwala – Managing Director and Chairman and Mr. Bhavesh
Shah – Chief Financial Officer.
Without any further delay, I would now like to hand the call over to Mr. Bhavesh Shah to begin
with the financial highlights. Thank you and over to you, sir.
Page 1 of 13
Bhavesh Shah:
Yep, thanks Purvangi, and good afternoon, everyone. Welcome to the earnings call of Q2 and
H1 FY27.
For the quarter and review the revenue from operations was Rs. 167 crores reflecting 49.7%
year-on-year increase from the corresponding quarter. EBITDA margin for the quarter was at
10.5%. The net profit stood at Rs. 10.2 crores. We have processed 12,200 tons of raw material
and has sold 12,300 tons during the quarter.
For the half year, under review the revenue from operations was 343 crores, reflecting an
increase of 41.4% against the corresponding quarter. EBITDA for the half year was at Rs. 35.4
crores with the EBITDA margin of 10.3% and the Net Profit for the half year was Rs. 21.2 crores.
We have processed 24,600 tons of raw material and has sold 25,800 tons during H1 FY27.
I will now hand over the call to our Managing Director, Mr. Nahoosh Jariwala. Happy to take
questions during -- question-and-answer session.
Nahoosh Jariwala:
Thank you, Bhavesh.
As we enter the second half of Financial Year 2027, I want to share our operational perspective
on the 2nd Quarter and the first half of the year as well as on the road ahead. Coming to our
performance during the 2nd Quarter and the first half of financial ‘27, the business continued
to benefit from the improved price realization, primarily reflecting lower raw material costs
and higher prices of finished products.
The domestic market environment remained supportive with lower imports of dimer acid
helping improve the realization and supporting the Company's operating margins. Looking
ahead, while we remain mindful of uncertainties arising from the ongoing Middle East crisis
and broader global macroeconomic environment, we are cautiously optimistic about the
outlook for the remaining part of the year. The reduction in US tariffs along with the potential
benefits from free trade agreements with UK, Europe and Union could provide a more
favorable trade environment for us to export our products.
Additionally, the recent reduction in import duty on Crude Soybean Oil from 16.5% to 11% is
expected to improve raw material availability. We believe that better availability of key inputs
combined with supporting domestic market conditions could help us enhance our capacity
utilization over the course of the year. We will continue to closely monitor developments in
global trade, raw material markets and import competition as we navigate the coming two
quarters.
With that, I open the floor for a question-and-answer session.
Page 2 of 13
Moderator:
Thank you so much, sir. First question comes from the line of Riddesh Ram Gandhi with
Discovery Capital. Please go ahead.
Riddesh Ram Gandhi:
Hi, sir. Just wanted to understand this reduction in import duty. What kind of impact do we see
it happening on margins? Because I think on some of the earlier calls, we had spoken of a
potential 8% margin hit because of this inverse duty. Now that it's been reduced, what are the
sort of benefits, and will we see this immediately from Q3 or is there inventory that we have
where we can see the implications on Q4?
Nahoosh Jariwala:
Basically, the reduction in duty on Crude Soybean Oil will help the refiners to process higher
quantities of soybean oil in comparison with the palm oil, based on which the raw material
availability for us will improve substantially. And that is the main reason. Once the raw material
availability improves, obviously there will be some reduction in the prices also. So that's the
advantage what we will get.
Riddesh Ram Gandhi:
So how can we actually quantify this? How much do we expect? And look, we have obviously
seen a new run rate starting from Q1 of this year. Just wanted to understand, is this now the
new base run rate which we see, based on which we expect to grow? And how much would be
the implication?
Nahoosh Jariwala:
Yes, you can say that it is the new run rate. Basically, we suffered and we were saying time and
again that we suffered badly because of the 27% duty on the crude oils, which made our raw
materials too expensive. That's the reason and once the reasonableness has started coming in,
we have started improving. We have not lost market share. There's nothing negative about the
thing. It was only the raw material costs had gone up substantially.
Riddesh Ram Gandhi:
But is that already in your numbers of H1 or do we potentially see further savings happening
in H2?
Nahoosh Jariwala:
We do have some. See in reduction happened some time back. We do carry some inventory of
raw material. But then future already, it has started softening. Market prices have started
softening a little bit.
Riddesh Ram Gandhi:
Good. So, if we are looking ahead, how should we be looking at the guidance for the rest of the
year and then going into FY28?
Nahoosh Jariwala:
So, I mean, we are confident that we will be able to maintain. If the situation remains like what
it is in last 6 months, we are confident we will be able to improve our capacity utilization
further. We do have a top and bottom line both.
Riddesh Ram Gandhi:
No. So how should we quantify? How much is the capacity utilization now and where do we
expect it to be?
Page 3 of 13
Nahoosh Jariwala:
We cannot say that.
Riddesh Ram Gandhi:
Okay. Right now, how much are we at in terms of the capacity utilization?
Nahoosh Jariwala:
So, we are currently working around 60% to 65%, which is expected to improve with better
availability of raw material.
Riddesh Ram Gandhi:
Got. Okay. Thanks. I will just rejoin the queue.
Moderator:
Thank you. Our next question comes from the line of Madhur Rathi with Counter Cyclical
Investments. Please go ahead.
Madhur Rathi:
Sir, if you can help us understand, what were the realizations during this quarter and how they
were on quarter-on-quarter and Y-o-Y basis?
Bhavesh Shah:
So, Quarter 2, the realization was Rs. 135 a kg, which was around Rs. 130 a kg in Q1 FY27. And
in Q2 FY26, it was Rs. 106.
Madhur Rathi:
And sir, so has the dumping from China , have we seen a substantial improvement on both
fronts or was it more because of…
Nahoosh Jariwala:
Yes, dumping has gone down.
Madhur Rathi:
Sir, so the dumping has gone down because of the freight rates have increased or because the
Chinese government has reduced the export incentive?
Nahoosh Jariwala:
To best of our knowledge, it is because of reduction in export incentive.
Bhavesh Shah:
And also, rupee depreciation has helped us.
Madhur Rathi:
Understood. And sir, these products that we are exporting, so do they come in container or
they come in like dry bulk or tanker?
Nahoosh Jariwala:
No, containers.
Madhur Rathi:
Okay. So, since container freight rates have also like quadrupled, so that must also be playing
a role?
Nahoosh Jariwala:
Not from China to India.
Madhur Rathi:
Understood. Can you help us understand, sir, that what is the import duty on edible oils in
China?
Nahoosh Jariwala:
Oh, to be frank, next time we will check it out.
Page 4 of 13
Madhur Rathi:
Sir, what I'm trying to understand…
Nahoosh Jariwala:
China itself has a huge production of vegetable oils.
Madhur Rathi:
Understood. Sir, so is it that their raw material is cheaper than us?
Nahoosh Jariwala:
Yes, obviously.
Madhur Rathi:
Okay. Because they are growing edible oil in the country itself, whereas India is importing a
large portion?
Bhavesh Shah:
Yes. We are importing 60% of our edible.
Madhur Rathi:
Understood. Sir, so one more thing I wanted to understand, sir, that normally any product
prices now, for our raw material, whatever we buy from edible oil refineries, so basically the
alternate uses for that will determine the pricing or the price of the starting, that is the…
Nahoosh Jariwala:
No, alternate. Alternate will also be one of the factors determining the pricing, alternate
applications.
Madhur Rathi:
Sir, so now, for example, with crude oil prices going up, the biodiesel, last time you mentioned
the alternate usage, what are the other alternate uses?
Nahoosh Jariwala:
Soap and biodiesel.
Madhur Rathi:
Understood. Sir, and also, you mentioned last time that every quarter you are planning to
increase the production by 5% and also increasing the exports, so are we on line to achieve
that?
Nahoosh Jariwala:
Yes. We are on line. But now we have done all the spadework for our US exports because of
the too high freight cost to US from India, things are not moving as expected. Once the freight
rate stabilizes, our exports to US should commence.
Madhur Rathi:
Sir, and in the 2nd Quarter, there was some new product that we were planning to launch, so
any update on that?
Nahoosh Jariwala:
No. That is what we said is going to happen in 3rd Quarter, end of 2nd Quarter, but now we
are going to do it in 3rd Quarter.
Madhur Rathi:
Sir, so that product, only the freight rates, is an issue or that is for something else?
Nahoosh Jariwala:
No. That is a new product, we are working with a novel technology, so we are taking our own
time.
Page 5 of 13
Bhavesh Shah:
It is in R&D
Nahoosh Jariwala:
Plant and everything is done, but based on some R&D suggestions, we are upgrading and
modifying that plant. So that is taking time.
Madhur Rathi:
Sir, so in the 3rd Quarter, are we expecting?
Nahoosh Jariwala:
Yes.
Madhur Rathi:
Understood, sir. Sir, so is this the same product, PFAD bypass from palm oil, is this the product
that we are speaking about?
Nahoosh Jariwala:
No, it is a different product.
Madhur Rathi:
Sir, I couldn't hear you, can you please repeat again?
Nahoosh Jariwala:
Again, we will be the first company making it.
Madhur Rathi:
Okay. And sir, this PFAD bypass, so this product has been commercialized?
Nahoosh Jariwala:
Yes, it has been commercialized.
Moderator:
Thank you. Our next question comes from the line of Riddesh Ram Gandhi with Discovery
Capital, please go ahead.
Riddesh Ram Gandhi:
Sir, with regards to the new products which we have, what is the expectation with regards to
how large they can be and the implications it can have?
Nahoosh Jariwala:
Oh, if our process succeeds, then it's a very, very huge market. It's a huge, huge market. It
depends on…
Riddesh Ram Gandhi:
Could you just speak a little bit about where we are in terms of the product?
Nahoosh Jariwala:
As you know, we have put up a small capacity plant and which we expect to commence in
October-December quarter. After Diwali, we expect it to start, but at the same time, we don't
expect that it will start functioning right from word go without any hiccups. Because it's a novel
technology, novel process, and so it is going to take its own time.
Riddesh Ram Gandhi:
And it's an import substitution product?
Nahoosh Jariwala:
Yes. It's an import substitution plus it has export potential.
Riddesh Ram Gandhi:
Okay. And effectively, it is a derivative of Dimer Acid only?
Page 6 of 13
Nahoosh Jariwala:
Yes, it's one of the Fatty Acids only.
Riddesh Ram Gandhi:
Okay. The other question is that, I understand that obviously, because of the reduction, and
we have seen the less amount of dumping happening, and then we have also been helped by
the XT Freight rate. Is there any reason that we believe that again, China may not start dumping
and how should we be thinking about that?
Nahoosh Jariwala:
I don't think so, they will restart the dumping. Basically, maybe they tried the dumping part,
but I think probably we were able to sustain the game. We were able to fast, that's what we
feel.
Riddesh Ram Gandhi:
Got it, thanks.
Nahoosh Jariwala:
Otherwise, there was no logic of suddenly stopping.
Riddesh Ram Gandhi:
Got it. And so just because I understand it because I'm citing it to the company, effectively,
what has been the hindrance is because the raw material has had a very high import duty, there
hasn't been enough availability from the refiners, have not been importing it. Therefore, there
is enough availability, which is why our capacity utilization is lower.
Nahoosh Jariwala:
Yes, availability was low, price was high, and there was dumping from China. Three things
simultaneously happened.
Riddesh Ram Gandhi:
Got it. So here, if we look at it, is that in actually H1 of this year, the impact we are seeing is
primarily for the dumping which has come off. And now hopefully in H2, we should see some
amount of the implications of higher availability and the lower cost of raw materials, which
hopefully should also give us.
Nahoosh Jariwala:
Yeah, that's correct. That thought is right. That's correct. We also expect the same.
Moderator:
Thank you. Our next question comes from the line of Ritesh Poladia with Girik Capital. Please
go ahead.
Ritesh Poladia:
Yeah, thanks for the opportunity. The Company has bought some land worth 12 crore rupees.
What are the plans for that, if you can explain?
Bhavesh Shah:
This land was already in use for our current operations. So, we are already utilizing it in our
current operations. It's just this transaction, we thought of getting it through in the current
period. So, it's already been used in our operations, as well as our workers’ colony. So, it's
already been in use with us. And we thought of buying it from our promoter.
Ritesh Poladia:
Okay. And if you can again repeat the raw material throughput, I couldn't hear it properly.
Page 7 of 13
Bhavesh Shah:
Okay. So, the raw material consumption for Q2 was 12,200 tons. And we have sold equivalent
number, 12,400 odd tons. And for H1, it was 24,600 tons. And of raw material consumption
and the sales was 25,800 tons.
Ritesh Poladia:
Okay. Thank you, sir.
Moderator:
Thank you. Next question comes from the line of Shivam Parekh with ValueWise Wealth
Management. Please go ahead.
Shivam Parekh:
Yes. Hi, sir. Actually, my question has been answered from the previous participant session.
Moderator:
Thank you.
Bhavesh Shah:
Okay, thank you.
Moderator:
Our next question comes from the line of Rohit Doshi, an Individual Investor. Please go ahead.
Rohit Doshi:
Yeah, hi. So actually, my question was about the trade receivables that we have shown in this
quarter. So, it turns around 100 odd crores. And our inventory, as I can see, is also reduced a
bit. I just wanted to get a ballpark idea about what the working cycle days will look like as we
scale up the sales.
Bhavesh Shah:
See, we will be having a working capital cycle between 90 days to 100 days for domestic sales,
for export sales, it will elevate further. So as of now, we should be seeing around 100 days of
working capital. It will be within that level.
Rohit Doshi:
Okay. And then my second question was about the exports that we have about Isostearic Acid.
And the countries we export to, we have already, they're already established. So, and we
announced that we are also getting into the cosmetic industry. And what are the progress
about that?
Nahoosh Jariwala:
Cosmetic industry, we were concentrating on Europe. But as you are aware, European market
has started slowing down. And now we are having some issues with some strife also going on
there. So, it's going to get, I feel that cosmetic business will get affected in near term.
Rohit Doshi:
But in the long term, it will be again back to that...
Nahoosh Jariwala:
Yeah, long term, obviously. Because you cannot make cosmetic without Isostearic. And there
are just four players in the world. So I mean, it's going to happen.
Rohit Doshi:
Okay. Thank you, sir. Thank you.
Page 8 of 13
Moderator:
Our next question comes from the line of Madhur Rathi with Counter Cyclical Investments.
Please go ahead.
Madhur Rathi:
So, thank you for the opportunity once again. Sir. I wanted to understand regarding these
value-added products of Linoleic acid that is used in oil field drilling and distilled dimer. Sir, how
big is this opportunity? And sir, what kind of realization premium can we expect on these
products?
Nahoosh Jariwala:
It’s a fairly big market. And obviously, we can expect improved price realization of more than
anywhere between 5% to 10%.
Madhur Rathi:
Got it. Now, sir, coming out to Isostearic Acid, sir, Cargill is I think, one of the competitors in
this market. And they have their plants globally. So, sir, how should we look at the scale-up of
this product? Because our competitors are present globally. So, they can source or
manufacture these products across geography.
Nahoosh Jariwala:
No, they have plant in UK. There's just one plant in UK.
Madhur Rathi:
Okay, got it. Sir, just one final question. Sir, there is a company called British International and
they seem to be manufacturing stearic acid. So, sir, are they our competitors and is this industry
also fragment?
Nahoosh Jariwala:
No, Isostearic Acid and Stearic Acid both are different products.
Madhur Rathi:
No, sir, not about product. I was asking about, are there some smaller players in oleochemical
market only who might be competing for the same raw material as us? That was the...
Nahoosh Jariwala:
Yes, possible. It's possible, absolutely possible.
Madhur Rathi:
Got it. Sir, that was from my end. Thank you so much and all the best.
Moderator:
Thank you so much. Next question comes from the line of Siddharth Jain, an Individual Investor.
Please go ahead.
Siddharth Jain:
Hello.
Moderator:
Yes, we can hear you. Please go ahead.
Siddharth Jain:
Yes. Sir, I have one question. With the company pursuing cost optimization, product
upgradation and new products with geographical diversification simultaneously, so how will
management prioritize these initiatives during H2 Financial ‘27 and which projects are
expected to deliver the earliest incremental contributions?
Page 9 of 13
Nahoosh Jariwala:
We are concentrating on everything. As regards the reduction in energy saving, the work is
already over. As regards the exports, practically lots of places for Isostearic Acid and other
products, the approval cycle is over or is at one stage of getting over. That is second thing. And
third thing will be the new product launch. So, this is going to be in this pattern.
Siddharth Jain:
Okay. Thank you, sir.
Moderator:
Thank you. Next question comes from the line of Shivam Parekh with ValueWise Wealth
Management. Please go ahead.
Shivam Parekh:
Yeah. Hi sir. Congratulations on the great set of numbers. So, can we expect EBITDA margins to
improve to 14%-15% on a sustainable basis due to import duty getting reduced?
Nahoosh Jariwala:
Yes. I would love to see not even 14%-15%. I would love to see 15%-18%.
Shivam Parekh:
So, sir, I wanted to know. Yes, so you would be processing the Dimer Acid from a lot of refined
products, but out of that, soybean constitutes what percentage of our raw material?
Nahoosh Jariwala:
It would be good if we don't share our raw material combination.
Shivam Parekh:
Okay, sir. Totally understand that. Okay. Thank you, sir.
Moderator:
Thank you.
Shivam Parekh:
And, sir, a what do sustainable margin, if you are going to throw some light?
Nahoosh Jariwala:
Yes, we should be able to maintain this margin. We will try to improve as much as possible.
Shivam Parekh:
Okay, sir. Thank you so much, sir.
Moderator:
Thank you. Our next question comes from the line of Riddesh Ram Gandhi with Discovery
Capital. Please go ahead.
Riddesh Ram Gandhi:
Hi, guys. Thanks again for taking the questions. So, just to answer, given effectively, increased
utilization should add to effectively operating leverage. Over and above that, our RM costs
should go down. So, we should hopefully soon be able to go back to the numbers you are
aspiring to, which is a 16% to 18% EBITDA margin. We would hopefully expect to…
Nahoosh Jariwala:
I said I would love to see those figures. But obviously, it's a capacity utilization margin put in.
That's for sure.
Riddesh Ram Gandhi:
And we see this happening immediately from Q3 or it's slightly longer dated?
Page 10 of 13
Nahoosh Jariwala:
Every year, we have said earlier also, we will try to achieve 5% to 10% growth every quarter.
Riddesh Ram Gandhi:
Got. And the last question I had was that effectively, is there a risk if this war ends and oil prices
come back down, that again, the import duty again is increased and then again, it becomes a
problem of availability and pricing?
Nahoosh Jariwala:
Okay. I don't think that's going to be possible because we…
Riddesh Ram Gandhi:
No, I just want to understand the actual rationale for this inverted duty. And effectively, there's
a high risk that it kind of moves back again once oil prices go.
Bhavesh Shah:
Currently, inflation is very high. We believe that government will not take any risk to increase
the basic increase in oil rates. Because it affects our economy.
Nahoosh Jariwala:
Maybe the government tried by increasing the duty, government might have tried out so that
less consumption happens. Maybe the consumption might come down. That might be the idea.
Possible. So that might be the reason why they would have increased duties so high. Because
for 8 years, 10 years, it was hovering in range of around 5%, 7% only.
Riddesh Ram Gandhi:
So, the reason they increased it was because of, what did you say? Sorry, I didn't quite catch
that.
Nahoosh Jariwala:
This is a guesswork. Government might be thinking that if we make oil, vegetable oil, more
expensive, less consumption might happen.
Bhavesh Shah:
And also, they wanted to promote better MSP to the Indian farmer. So those were the two
reasons. But somehow, the overall inflation, the way how it is going on, we don't expect the
government to increase the import duty in near future.
Riddesh Ram Gandhi:
Understood. Okay. All right, that's all for me. Thank you so much.
Moderator:
Thank you. Next question comes from the line of Kiran with an Individual Investor. Please go
ahead.
Kiran:
Good afternoon. Do we have any expansion plans in the next 1 year to 2 years? And we have
the spare production capacity.
Nahoosh Jariwala:
No, we will be waiting for the new product what we are working on. We will be waiting for that.
Once we are satisfied with that product, we will go for it.
Kiran:
Okay, sir. Sir, what is the current capacity utilization?
Bhavesh Shah:
It is close to around 65%.
Page 11 of 13
Kiran:
Close to around 65%. So, in order to reach around 85-90%, what would be the timeline? Any
rough estimate?
Nahoosh Jariwala:
So, every quarter, we expect 5% capacity improvement.
Kiran:
Okay, sir. Sir, one last question. Since we do not have any immediate expansion plans, what is
the plan? How do we plan to utilize the operating cash flow?
Bhavesh Shah:
So, once the business stabilizes at higher levels, we would think appropriately to utilize to the
best interest of shareholders.
Nahoosh Jariwala:
If the new product succeeds, then we will need capex. We will need to go for capex.
Kiran:
Okay. So, we don't have any plan to reduce the debt as of now?
Nahoosh Jariwala:
No.
Kiran:
Okay. Okay, sir. Thank you. All the best
Moderator:
Thank you. Next question comes from the line of Nishant Bhatt with Equity Works Limited.
Please go ahead.
Nishant Bhatt:
Yes. First of all, congratulations on a good set of numbers. My question was regarding the
Isostearic Acid ramp up. So, I think it's been a long time since we launched this product. And I
just wanted to ask, how is it progressing? You mentioned that there are some headwinds in the
cosmetic industry also. How much more time can this take to actually improve our operating
margins and have a real impact on revenues?
Nahoosh Jariwala:
See, the two things. Once we launched the product, first thing was that is going in cosmetics,
the approval cycle was pretty long. Basically, it's more than 2 years, 2.5 years. That was one
thing and once that things settled down, we started seeing issues happening in Europe.
Basically, the consumption is also down in Europe. And duties were going to be high import
duties in USA went up.
So, all these things combined together, the marketing has not reached its full potential. We are
hopeful that once things stabilize, as the product has been approved and it's of good quality, it
will start giving results. There is no need for us to do anything on any knee-jerk reaction. We
have to be clear the way it is…
Nishant Bhatt:
Excellent. And regarding this cost optimization, you mentioned in your presentation that you
have been running a cost optimization exercise. So, how would this impact our margins? How
many bps if there in?
Page 12 of 13
Nahoosh Jariwala:
We are seeing that our fuel costs, salary costs, other manufacturing costs has remained stable,
even though with this inflation.
Kiran:
Right.
Nahoosh Jariwala:
We have seen fuel prices, everything is there, still not value terms, plus higher processing. We
have been able to maintain that. That’s strategy which is paid for.
Nishant Bhatt:
That's it from my side, sir. Thank you.
Moderator:
Thank you so much. Ladies and gentlemen, that was the last question for today. I now hand
the conference over to the management for the closing remarks. Thank you, and over to you,
team.
Bhavesh Shah:
Yes, thank you. Thank you, everyone. See you in the next conference call. Have a nice day.
Moderator:
Thank you so much, sir. Ladies and gentlemen, on behalf of Fairchem Organics Limited, that
concludes today's call. Thank you for joining us, and you may now disconnect your lines. Thank
you.
JATIN
JAIN
Page 13 of 13
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Date: 2026.10.27 15:26:41 +05'30'
