Laxmi Organic Industries Limited

Rajan Venkatesh

MANAGING DIRECTOR

Harsh Goenka

EXECUTIVE DIRECTOR &

rs,

does that mean on the raw material implications for us as Laxmi, what does it mean for our customers, and how are we seeing demand generation there? Then give you also a quick insight into where are w

40%

up at Lote, we have actually achieved what we had lined up for ourselves into FY '26. We achieved 40% to 45% of the peak revenues. And we also have, as we enter this financial year, a good order book

45%

e, we have actually achieved what we had lined up for ourselves into FY '26. We achieved 40% to 45% of the peak revenues. And we also have, as we enter this financial year, a good order book, and w

9%

s quarter 3 of FY '26. Based on what I just shared with you, we certainly saw revenues growing by 9%, driven across both businesses, Essentials and Specialties. And we also saw in quarter 4, seque

6%

year 2026 narrative. What you certainly see in FY '26 versus FY '25, our revenues have degrown by 6%. And this is something we have been talking very openly over the last investor calls, the margin

INR14 crore

our new sites have started up, we have certainly seen also our employee costs increasing by about INR14 crores when we look at from the new site set up, but we were also driven by onetime reversals that we h

18%

speak. Jainam Ghelani: And sir, we saw that in the Specialties segment, our revenues dropped by 18% year-on-year. And in your earlier calls, you had mentioned that almost 8% to 9% was because we ha

8%

ur revenues dropped by 18% year-on-year. And in your earlier calls, you had mentioned that almost 8% to 9% was because we had lost 1 big contract. So the remaining 8% to 9%, is it purely pricing? Or

10%

pecially if you look at the first half year. The one was the structural product that was close to 10% of our top line. What we had also called out is we have an alternative in t

30%

member, over FY '25 and also FY '26, key feedstocks like acetic acid actually dropped by close to 30% over a 2-year period. And then even in the Specialties space, while we do not have cost-plus base

INR3,700 crore

ear term. So how do you see the ramp-up in these projects? Can we actually see revenues of almost INR3,700 crores to INR4,000 crores in FY '27 and almost INR5,000 crores in FY '28? Rajan Venkatesh: So I thi

INR4,000 crore

you see the ramp-up in these projects? Can we actually see revenues of almost INR3,700 crores to INR4,000 crores in FY '27 and almost INR5,000 crores in FY '28? Rajan Venkatesh: So I think we have been ver

“At our project at Dahej, the Phase 1 from the previous narrative is what we had shared.”

“We will be releasing our BRSR report, so you will have an opportunity to look and understand what I'm calling out here.”

“Our supply chain digitization project, which you remember, was an important transformative initiative which we launched last year, and we basically are expecting this to go live in quarter 2 of the FY '27.”

“And also, we anticipate a good, decent start into the current financial year, but also we are very, very prudent in our working capital management.”

“He's the Executive Director here at Laxmi and also wears the Interim CFO hat, so it will be Harsh and me covering the Q&A section.”

“Fair to say that over the next 1 or 2 quarters, you expect the spreads to be sustainable around this range, $150 to $160, and this could be the bottom now?”

“First is the manifestation of the Dahej project is not full year.”

“The Hitachi project, that will manifest in quarter 3, and then we will have a steady qualification and ramp-up happening into FY '27, and we have a multiyear contract with them.”

“But sir, any rough asset turnover that you can give that what could be the peak potential from our Dahej project since we spent almost INR1,000 crores?”

“And we have said what is the asset turn we anticipate in our Specialties business and also Essentials business.”

Rajan Venkatesh

8

Jainam Ghelani

6

Moderator

4

Rajan Venkatesh

Very good morning, Namaskaram from my side. Also good evening or good afternoon, depending on the time zones that you guys are dialling in from. Again, thank you for your interest on what's happening at Laxmi. Let me start again with the large strokes first, slightly at the macro. I guess we all continue to hear a lot that's happening at a macro level, which has ramifications for all of us. Then bring it a little more closer to what does that mean on the raw material implications for us as Laxmi, what does it mean for our customers, and how are we seeing demand generation there? Then give you also a quick insight into where are we seeing on topics like logistics, which also, as you can imagine, is an important topic. Take you through to where are we on our current projects and assets? How are we shaping up there? I'm also very happy to announce, and I will do that in the course of the narrative, our new CFO, who will join us by middle of June, give you a brief introduction about him an