Privi Speciality Chemicals Ltd.Revenue up 19%, guidance reaffirmed despite margin dip and Phase-1 delay

Privi Speciality Chemicals started FY27 with revenue up 19.22% YoY to Rs. 666 crore and consolidated total income up 20.01% to Rs. 681.42 crore, while EBITDA grew 18.73% to Rs. 167.47 crore at a 24.58% margin, broadly in line with the ~25% margin sustained over the last nine quarters.

PAT rose to Rs. 83.2 crore from Rs. 61.46 crore a year ago. Gross margin compressed about 650 basis points YoY to 44.2%, which management attributed to an unusually favourable raw-material and pricing base a year ago rather than a structural change, guiding raw-material cost back to its normal 52-55% of sales range. The Phase-1 capacity expansion, taking capacity from 48,000 to 54,000 metric tons, is commercializing now but has slipped about three months to September 2026; Phase-2, to 66,000 metric tons, remains on track for September 2027.

The proposed three-way merger with Privi Fine Sciences and Privi Biotechnologies has cleared the NCLT filing stage and is expected to close this fiscal year. Management explicitly reaffirmed its 'no change' guidance of Rs. 5,000 crore revenue and Rs. 1,000-crore-plus EBITDA within three to four years, alongside a new specialty molecule pipeline built on backward-integrated furfural chemistry.